Search results
Results from the WOW.Com Content Network
If you are a joint account holder responsible for an account after a death, you might want to move some assets, if you have more than $250,000, to another type of bank account or a new bank.
When you set up a trust bank account, the bank acts as the custodian of the account. The trustee still retains control of the trust's management, though.
A Totten trust (also referred to as a "Payable on Death" account) is a form of trust in the United States in which one party (the settlor or "grantor" of the trust) places money in a bank account or security with instructions that upon the settlor's death, whatever is in that account will pass to a named beneficiary. For example, a Totten trust ...
A custodial account is a financial account (such as a bank account, a trust fund or a brokerage account) set up for the benefit of a beneficiary, and administered by a responsible person, known as a legal guardian or custodian, who has a fiduciary obligation to the beneficiary. [1]
If the joint holder dies, who was simply put on the account for "convenience" purposes, the original owner of the account continues to own the account, unaffected by the death of the convenience account holder. How to tell whether the account is a survivorship account or a convenience account will depend on the bank's account opening forms.
Continue reading → The post How to Set Up a Trust Bank Account appeared first on SmartAsset Blog. Especially when it comes to the issue of assets and finances. Many people take steps like ...
After executing a trust agreement, the settlor should ensure that all assets are properly re-registered in the name of the living trust. If assets (especially higher value assets and real estate) remain outside of a trust, then a probate proceeding may be necessary to transfer the asset to the trust upon the death of the testator.
The death of a family member is always challenging and evokes difficult emotions for everyone involved. Unfortunately, tax problems brought on by a trust can sometimes be one of the stressors.