Estate planning options at Red Rocks CU

Every trust account must name a beneficiary. The settlor may change the beneficiary by providing adequate proof of the change in a manner acceptable to Red Rocks.¹

A payable-on-death beneficiary may be a natural person.¹

A payable-on-death beneficiary may be a charity or other non-profit organization.¹

Beneficiaries of record are paid in equal shares unless the owner designated otherwise.¹

A beneficiary has rights to a payable-on-death account only after the owner and any joint owners are deceased.¹

Trust accounts are opened only if the trust documentation is acceptable to Red Rocks underwriting policies.¹

For a revocable or living trust account, the person who established the trust (the settlor) must be a Red Rocks member.¹

Any trustee may make withdrawals acting alone unless two signatures are required.¹

On the death of one trustee, all rights in the account belong to any surviving trustee.¹

If a trustee is found incompetent by a court or is unable or unwilling to serve, the trust documentation determines the successor trustee.¹

On a revocable or living trust account, a withdrawal of trust funds is deemed a revocation of the trust to that extent unless the trust documentation provides otherwise.¹