TRUST ACCOUNTS AND ESTATE ACCOUNTS
Estate and trust management simplified
As an estate or trust representative, you need an easy-to-use and reliable account to help you distribute and manage assets.
Elevations offers multiple options to help protect and grow estate and trust accounts:
Checking accounts
Savings accounts
Certificates of deposit
Money market accounts
Plus, work with a knowledgeable, Colorado-based team while keeping your money local.
Benefits of working with Elevations:
$0 monthly fees
Access for multiple trustees or personal representatives
Safe deposit boxes permitted
Free digital banking account
What to do before opening an account
Make sure to take these steps before opening your trust or estate account with Elevations:
Trust account
Elevations can help with both revocable and irrevocable trust accounts, which help you manage funds of an established trust.
Before opening a trust account, talk with an attorney to help you create a trust and include a Trust Agreement that complies with state statute.
Next, make sure all Settlor(s)/Grantor(s) of the trust are current members of Elevations or would be eligible for membership. Then, talk to us about opening a trust account.
Probate estate account
This account allows a Personal Representative to manage funds belonging to a deceased person. To open it, you’ll need to complete the Probate process and appoint a personal representative.
Then, you’ll gather court-issued documents (Letters Testamentary or Letters of Administration issued in Colorado). Next, make sure the Decedent would have qualified for membership at Elevations, held an existing account with Elevations at the time of their death or all named beneficiaries of the estate are current members.
Once you've completed these steps, the estate executor or personal representative can pursue an estate account with Elevations.
Conservatorship estate accounts
This account allows a conservator to manage funds on behalf of a protected person. If you’re a conservator appointed by the court, you can open this account.
You’ll need Letters of Conservatorship issued in Colorado. Also, make sure the Protected Person is a current Elevations member or qualifies for membership.
Once you’ve taken these steps, talk to us about opening an estate account.
Commonly asked questions
No, please seek outside counsel for your trust and estate needs.
No, Elevations does not offer trustee service. Elevations can only open accounts for estates or trusts.
We can help open these estate and trust accounts:
Revocable and irrevocable trusts
Probate estate accounts
Conservatorship estate accounts
Elevations cannot help with these trusts at this time:
Standard income trusts
Medicaid income/Miller trusts
Through Elevations, you can use these types of deposit products for your estate or trust account:
Checking
Savings
Certificates of Deposit (CD)
Money market
If there are trust or estate account funds in an Elevations checking account, the representative can use a Visa debit card (given through mail) to access those funds from an ATM.
No, you can’t use lending products or shared (co-op) banking with these accounts.
Due to complexities in reporting requirements, Elevations will require a new account for your estate or trust.
Beneficiary designations are governed by the trust agreement for trust accounts and are not allowed with an estate account.
Powers of attorney are not accepted for opening a trust or estate accounts. For trust accounts, the acting trustee(s) would need to establish the account.
Membership qualifications depend on the estate and trust account types:
Revocable trust: All Settlor(s)/Grantor(s) of the trust must be current members of Elevations or would be eligible for membership.
Irrevocable trust: All Settlor(s)/Grantor(s) or all the trust beneficiaries must be current members of Elevations or would be eligible for membership.
Probate estate: The Decedent would have qualified for membership at Elevations OR held an existing account with Elevations at the time of their death OR all named beneficiaries of the estate are current members.
Conservatorship estate: The Protected Person is a current Elevations member or qualifies for membership.
If the above qualifications are met, acting trustees, personal representatives and conservators do not necessarily need to be existing Elevations members.
Find the rate that's right for you.
More ways we can help you
CERTIFICATE ACCOUNTS
Choose the 4-Month Flex Certificate at 4.00% APY*. It’s a low-risk way to put your money to work.
Learn more
*No early withdrawal penalty charged after seven business days