What is a Conservatorship or Guardianship?

Conservatorships or Guardianships are fiduciary accounts set up for those people in need of protection in personal or financial matters. A Conservator or Guardian is someone appointed by the Probate Court to handle the affairs of an incapacitated person, to make decisions on the person’s behalf regarding their physical well-being or financial matters. 

What do I need to do to open a City & County Conservator/Guardianship Account?

A new account must be opened.

When you are ready to open a Conservatorship/Guardianship account with CCCU, you will be asked to provide the following:

• Original or Certified copy of Letters of Conservatorship or Guardianship
  • The conservator/guardian must provide a certified copy of the Letters of Conservatorship or Guardianship from the court administrator’s office
  • Under Minnesota law, the conservator/guardian must establish a separate account for the protected person to disburse and deposit money and should not co-mingle assets at any time 

What are the different roles on the account?

• Conservatee/Ward—the protected person and owner of the funds.
• Conservator/Guardian—court-appointed fiduciary to manage the finances of another person. Conservator/Guardian typically has specific powers granted by the court to perform financial functions for the conservatee/ward. Depending on the situation, the Conservator and Guardian may be the same appointed fiduciary.
• Co-Conservator/Guardian—court appointed and not limited in number. When Co-Conservators are appointed, both signatures are required for written consent, and this requires agreement on all decisions.

What is an Estate Account?

An estate account is a temporary bank account (usually lasting only a year to 18 months) that collects and distributes a deceased person's property. It is used to pay any debts owed and provide funds to beneficiaries. 

An estate account is established in the probate court where an executor or administrator is appointed. The appointed representative manages the deceased's property and the estate account. 

What do I need to do to open a City & County Estate Account?

When you are ready to open the estate account at CCCU, you will need to provide the following:

• Documents from the court appointing you as the executor/administrator
• An official death certificate
• The Tax Identification Number of the estate
• Identifying information on the executor/administrator 

For an Estate Account, the deceased must have been eligible for credit union membership prior to death. Review CCCU’s membership eligibility guidelines.

What are the different roles on the account?

• Executor – Responsible for managing the financial affairs of a deceased person’s estate. 

What is a POA Account?

A Power of Attorney (POA) account allows an agent (the attorney-in-fact), named in a legal document (the Power of Attorney), to manage the financial affairs of another person (the principal). 

A power of attorney can be a general document used for all authorized transactions and affairs related to property owned by the principal, or it could be as limited as transactions handled at one financial institution. In addition to being detailed about what authority is and is not given, the document should also specify how long it lasts. 

What do I need to do to open a City & County POA Account?

Power of Attorney may be added to a member’s existing account, or a new account may be opened by the named attorney-in-fact.

When you are ready to open a POA account with CCCU, you will be asked to provide the following:

• A notarized Power of Attorney document, signed and dated by the principal
• Identifying information for the principal and attorney-in-fact

What are the different roles on the account?

• Principal – the member who owns the funds in the account.
• Attorney-in-Fact – the agent authorized to transact on behalf of the principal.

What is a Representative Payee Account?

A Representative Payee account is opened by a payee designated by the Social Security Administration to manage and distribute benefits on behalf of someone who is not able to manage their own finances. 

What do I need to do to open a City & County Representative Payee Account?

For benefits paid by Social Security and managed by a Representative Payee, a new account should be established – even if the beneficiary already has an account with us. Only funds paid by the Social Security Administration and cash should be deposited to this type of account.

When you are ready to open a Representative Payee account with CCCU, you will be asked to provide the following:

• A letter from the Social Security Administration appointing the Representative Payee
• Identifying information for the beneficiary and Representative Payee

What are the different roles on the account?

• Beneficiary – the person who receives Social Security and/or Supplemental Security Income payments.
• Representative Payee – An individual or organization that receives Social Security and/or Supplemental Security Income payments for someone who cannot manage their money.

What is a Trust Account?

A trust account is a legal arrangement where a third party, called the trustee, manages assets for the benefit of another party, called the beneficiary.

What do I need to do to open a City & County Trust Account?

Credit unions are required to establish a new account to hold the assets owned by the trust - even if a trustee already has an account with us. Another option would be to add the trust as the beneficiary (Payable on Death/POD) to the existing accounts with the credit union. 

When you are ready to open your trust with CCCU, you will be asked to provide the following:

• A Certificate of Trust (a summary of the trust)
• A Tax Identification Number (this could be the Social Security Number of the person(s) creating the trust)
• Identifying information for the trustee(s)

City & County cannot be listed as a trustee on the account as the credit union is acting only as a depository for the funds. Any decisions concerning management of the funds are made by the trustees and co-trustees.

What are the different roles on the account?

• Trustee/Co-Trustee – Manages the trust’s assets and carries out rules of the trusts.
• Successor Trustee (not required) – Takes over the trust’s management if the original trustee can no longer fulfill their duties. 

What is an UTMA Account, also known as a Custodial Account?

A Uniform Transfer to Minors Act (UTMA) account is an account to hold funds for a minor until they reach the age of majority. The account allows a designated adult, called a custodian, to manage funds for a minor until the minor reaches the age of majority in their state. In Minnesota, the age of majority is 21 unless the UTMA is required as part of a court settlement. 

Only one custodian may be designated for the UTMA. A successor custodian may be named to allow continued management of the funds if the original custodian is no longer able to perform their duties.  

What do I need to do to open a City & County UTMA Account?

When you are ready to open an UTMA account at CCCU, you will need the following:

• Tax Identification Number of the minor
• Identifying information for the custodian 

City & County is under no obligation to monitor the use of funds.

What are the different roles on the account?

• Minor/Owner of the Funds – The minor the account is opened for.
• Custodian – Responsible for managing the account’s money in the minor’s best interest. 
• Successor Custodian (not required) - Takes over the UTMA account if the original custodian can no longer fulfill their duties.