Which account do you need?
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Trust Accounts
A trust account is created so the trustee can manage the accounts of the trust or distribute funds to one or more beneficiaries.
Who it's for?
Trustee who needs a secure place to manage trust funds.
Key benefits
- Account types owned by the trust and managed by the trustee(s)
- Ownership type is custom customized for different trusts (revocable, irrevocable, special needs, etc.)
- A properly drafted trust agreement helps avoid probate and maintain privacy, although we do not provide legal or tax advice.
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Estate Accounts
An estate account is a temporary account opened after a person passes away. It allows an executor or personal representative to manage the deceased's financial affairs during the estate settlement process.
Who it's for?
Executors, administrators or court-appointed representatives.
Key features
- Temporary account, closed once the estate is fully settled
- Used to collect income, pay debts, and distribute remaining assets
- Requires legal documents (death certificate, court appointment, etc.)
- Often needed to simplify probate
What to do before opening an account
Make sure to take these steps before opening your trust or estate account with Elevations.
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Trust Accounts
Elevations can help with both revocable and irrevocable trust accounts, which help you manage funds of an established trust.
- Talk with an attorney to create a trust and prepare a Trust Agreement that complies with Colorado law.
- Ensure all Settlor(s)/Grantor(s) are current Elevations members or eligible for membership.
- Check membership eligibility.
- Schedule an appointment at one of our locations to begin the account opening process.
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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.
- Obtain Letters Testamentary or Letters of Administration issued in Colorado
- Confirm the Decedent would have qualified for membership at Elevations
- Check/Confirm membership eligibility
- Schedule an appointment at one of our locations to begin the account opening process.
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Conservatorship Estate Account
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.
- Schedule an appointment at one of our locations to begin the account opening process.
More ways we can help you
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Financial Planning
Save for retirement, pay for college — and everything in between.
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Certificate Accounts
Choose the 4-Month Flex Certificate at 3.50% APY*. It’s a low-risk way to put your money to work.
*No early withdrawal penalty charged after seven business days
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Membership Savings Account
We make it simple and straightforward to save for your goals.
Commonly Asked Questions
Answers are based on Elevations’ current policies.
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No. These accounts must be opened in person at an Elevations branch.
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Not necessarily. However, the grantor (for trust accounts) or decedent (for estate accounts) must meet membership eligibility.
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Yes, depending on the trust type and documentation.
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Trust Agreement, Letters Testamentary, Letters of Administration or Letters of Conservatorship depending on the account type.
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No, please seek outside counsel for your trust and estate needs.
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No, Elevations does not offer trustee service. Elevations can only open accounts for estates or trusts.
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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
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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.
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No, you can’t use lending products or shared (co-op) banking with these accounts.
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Due to complexities in reporting requirements, Elevations will require a new account for your estate or trust.
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Beneficiary designations are governed by the trust agreement for trust accounts and are not allowed with an estate account.
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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.
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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.
How can we help you?
Give us a call at (800) 429-7626 | Routing #307074580
*Annual percentage rate
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**All credit union loan programs, rates, terms and conditions are subject to change at any time without notice. Rate shown as low as for qualified borrowers. Rate may change dependent on credit qualifications and underwriting factors. Please speak with an Elevations representative for more information. Offers of credit are subject to membership requirements and credit approval.