Legal Question in Wills and Trusts in Illinois
The bank I want to do business with does not open revocable trust accounts, but they told me that I can make my trust the beneficiary. Is this OK to do?
Thank you.
Maria K.
2 Answers from Attorneys
Beneficiary of what?
The response given is not intended to create, nor does it create an ongoing duty to respond to questions. The response does not form an attorney-client relationship, nor is it intended to be anything other than the educated opinion of the author. It should not be relied upon as legal advice. The response given is based upon the limited facts provided by the person asking the question. To the extent additional or different facts exist, the response might possibly change. Attorney is currently licensed to practice law only in the State of Illinois. Responses are based solely on Illinois law unless stated otherwise.
Go to a different bank. Chances are if you move up the food chain and consult with the clerk's superior you will get a different answer. Everyone is doing living trust planning these days. If they won't open an account in the name of your living trust then take your business elsewhere.
However, the direct answer to your question is, yes, you can make your living trust the beneficiary of the account under the POD (pay on death) or TOD (transfer on death) statutes. However, it is better to have the accounts titled in the name of your living trust. For more information: www.legacylaws.com.
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