Credit Union Trust desires that drafting attorneys consider adding provisions in their documents like those below when drafting new agreements or making substantial changes in their client’s documents.*

Our correct name is: Credit Union Trust, or Credit Union Trust, a Michigan Bank with its headquarters located at 570 Kirts Boulevard, Suite 225, Troy, Michigan 48084.

Any Trustee shall have the right to resign at any time during the life of the Trustmaker by giving written notice to the Trustmaker, and any time after the Trustmaker’s death by giving notice in writing to the vested beneficiaries. Upon resignation of a Trustee, a successor Trustee shall be appointed by the Trustmaker, and at any time after the Trustmaker’s death by a majority of the beneficiaries entitled to receive the income from the trust.

Any Trustee may be removed before the death of the Trustmaker by a written notice of removal signed by the Trustmaker, in which the Trustmaker shall name the successor Trustee. After the death of the Trustmaker, any Trustee may be removed by a majority of the income beneficiaries of the trust by a written removal of Trustee, signed by the majority of income beneficiaries and delivered to the Trustee. The removal shall indicate the name of the successor trustee and the effective date of the removal.

A corporate Trustee shall be entitled to compensation for its services pursuant to its current fee schedule and for reimbursement of reasonable expenses in the management, custody and preservation of the trust property. Trustee shall be entitled to employ attorneys, accountants, custodians, and investment managers, to assist Trustee in the administration of the trust. Trustee fees shall not be decreased by the payments made to agents unless agreed to in writing by the Trustmaker and the Trustee.

The Trustee is authorized to invest and manage the corpus of the trust as a prudent investor would, in light of the purpose, terms, distribution requirements and other circumstances of the trust. The Trustee is authorized to employee agents, brokers, custodians, investment counsel and investment managers and to delegate to them the discretionary authority to make purchases and sales of investments otherwise authorized to the Trustee.

If the Trust has directed trustee provisions, then the Corporate Trustee has no responsibility to oversee the actions of the directed Trustee and the corporate Trustee shall follow the Michigan statute regarding duties and responsibilities toward the directed trustee.