Fiduciary & Representative Accounts

We can help you manage funds for estates, trusts, minors and other individuals or entities with ease.

Accounts Designed for Your Role

Managing funds for someone else comes with added responsibilities. We’re here to make it easier with account solutions designed for fiduciaries and representatives.

An estate account provides a secure way to manage a deceased individual’s assets and financial obligations during the estate administration process. Opened by an authorized representative, such as an executor or personal representative, the account keeps estate funds separate and organized. It can be used to handle outstanding expenses, taxes, and other obligations before distributing remaining assets to beneficiaries in accordance with the will or applicable law.

Subject to membership eligibility requirements and approval.

What you'll need Document examples
To open an estate account, you will need to visit any Summit Choice branch with your Employee Identification Number (EIN) from the IRS, as well as any applicable court documents.

Order from the court granting a personal representative

Will (if applicable)

Death certificate

Estate paperwork

 

A trust account provides a dedicated place to hold and manage assets according to the instructions established in a trust. The trustee oversees the account and is responsible for managing the funds, carrying out the trust’s provisions, and acting in the best interests of the beneficiaries. This structure helps ensure assets are handled responsibly and distributed as intended.

Subject to membership eligibility requirements and approval.

What you'll need Document examples
To open a trust account at any of our branches, you should bring any applicable documents along with your Employee Identification Number (EIN) or Social Security Number (SSN).

Trust agreement

Certificate of trust

Court order establishing trust

Power of attorney document (if applicable)

Trust amendment (if applicable)

Death certificate (if applicable)

 

A guardianship account helps protect and manage the financial assets of an individual under the care of a court-appointed guardian. Funds are kept separate from the guardian’s personal finances and are used to cover the ward’s approved expenses and financial needs. These accounts are subject to court oversight, helping ensure funds are managed responsibly and in accordance with legal requirements.

Subject to membership eligibility requirements and approval.

What you'll need Document Examples
To open a trust account at any of our branches, you should bring any applicable documents associated with the guardianship.

Court order granting guardianship

 

A representative payee account is designed to help manage Social Security or SSI benefits on behalf of someone who is unable to manage their finances independently. The designated representative payee oversees the funds and uses them to support the beneficiary’s everyday needs and well-being. Keeping these funds separate helps ensure they are properly managed, while required recordkeeping helps demonstrate that benefits are being used appropriately and in accordance with Social Security guidelines.

Subject to membership eligibility requirements and approval.

What you'll need Document examples
To open a representative payee account, you'll need to visit one of our branches with documents confirming the appointment of the representative.

Letter of appointment

Award letter

Statement of benefits

Name change documents (if applicable)