Trust Accounts

With trust accounts, we’re here to help you manage and safeguard your assets, ensuring they are used exactly as intended. Whether you're planning for the future, protecting your loved ones, or supporting a cause close to your heart — a Trust Account provides peace of mind and security.

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What is a Trust Account?

A Trust Account is a legal arrangement where one person (the Trustee) manages the money or assets for someone else (the Beneficiary). The person who creates the trust (the Grantor) determines who the Trustee and Beneficiary will be and may also specify how and when the money is given out. There is a wide range of trusts, all designed for specific purposes. However, trusts with FAIRWINDS fall into two broad categories:

	Revocable Trusts	Irrevocable Trusts
Description	Sometimes referred to as “Revocable Living Trusts”	Usually created by the Grantor to benefit others, such as children/grandchildren
Use of Trust	Created by the Grantor during their lifetime to plan in case of incapacity and/or avoid probate when they pass away.	Tax planning and asset protection are two reasons these trusts may stay in place for multiple generations
Grantor Permissions	May change the trust at any time May terminate the trust Has free access to the assets	Generally, cannot change the trust in any meaningful way Gives up ownership and control of the trust assets (although they may retain some control through the terms established in the trust document)

Revocable Trusts

Irrevocable Trusts

Description

Sometimes referred to as “Revocable Living Trusts”

Usually created by the Grantor to benefit others, such as children/grandchildren

Use of Trust

Created by the Grantor during their lifetime to plan in case of incapacity and/or avoid probate when they pass away.

Tax planning and asset protection are two reasons these trusts may stay in place for multiple generations

Grantor Permissions

May change the trust at any time

May terminate the trust

Has free access to the assets

Generally, cannot change the trust in any meaningful way

Gives up ownership and control of the trust assets (although they may retain some control through the terms established in the trust document)

A Trust Account is a legal arrangement where one person (the Trustee) manages the money or assets for someone else (the Beneficiary). The person who creates the trust (the Grantor) determines who the Trustee and Beneficiary will be and may also specify how and when the money is given out. There is a wide range of trusts, all designed for specific purposes. However, trusts with FAIRWINDS fall into two broad categories:

Revocable Trusts

Sometimes referred to as “Revocable Living Trusts”
Created by the Grantor during their lifetime to plan in case of incapacity and/or avoid probate when they pass away.
May change the trust at any time
May terminate the trust
Has free access to the assets

Irrevocable Trusts

Usually created by the Grantor to benefit others, such as children/grandchildren
Tax planning and asset protection are two reasons these trusts may stay in place for multiple generations
May change the trust at any time
Generally, cannot change the trust in any meaningful way
Gives up ownership and control of the trust assets (although they may retain some control through the terms established in the trust document)

Getting Started

Once you establish your trust, you’ll need the following to open a Trust Account:

Full Trust Agreement. You’ll need to consult with an attorney to draft the details of your trust. We won’t be able to open your trust account without a completed agreement.
Proof of EIN for the trust (if applicable)
Valid photo ID (Driver’s License, State ID, Passport)
Death certificate (if applicable) for the Grantor or Trustee in the Trust Agreement

Getting Started

Once you establish your trust, you’ll need the following to open a Trust Account:

Full Trust Agreement. You’ll need to consult with an attorney to draft the details of your trust. We won’t be able to open your trust account without a completed agreement.
Proof of EIN for the trust (if applicable)
Valid photo ID (Driver’s License, State ID, Passport)
Death certificate (if applicable) for the Grantor or Trustee in the Trust Agreement

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Our experts are here for you.

We are here help you every step of the way. If you have questions or need assistance, schedule a phone appointment with one of our Account Specialists.

Please note that specific concerns or questions regarding your responsibilities as a Trustee, the type of trust opened, or if you should open a trust, should be referred to a qualified attorney or financial advisor.

Schedule an Appointment