Legal Question in Wills and Trusts in California

Bank Trust Account

My mother died in Feb 2007 leaving me as the successor trustee to a generation skipping trust. I went to the bank with a copy of the trust and a TIN and asked for a new Trust Acct to be set up to replace the existing Trust Acct my mother opened. The bank set up a personal account in my name saying it was easier. I think they should have set up a trust acct with my EIN instead of a personal account. Was the bank officer inexperienced?


Asked on 3/03/07, 1:20 pm

2 Answers from Attorneys
Michael Kelly The Law Offices of Michael S. Kelly

Re: Bank Trust Account

If the funds are to be held in trust, they should be placed into a trust account and not a personal account. As trustee, you do not want your personal funds commingled with trust monies. Talk to a manager at the bank and get the account cleared up to reflect that it is a trust account.

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Answered on 3/05/07, 2:29 pm
Chris Johnson Christopher B. Johnson, Attorney at Law

Re: Bank Trust Account

If the trust is irrevocable, it should have its own tax ID number--if this is the case, the bank needs to correct its error.

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Answered on 3/05/07, 5:55 pm


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