Legal Question in Wills and Trusts in New Jersey
As a resident of New Jersey and a Trustee to a Family trust account all trustees wish to close the account can we just go to the bank and withdraw the monies and close the trust Account.
1 Answer from Attorneys
I would need more information to answer your question.
However, if you are merely talking about closing a trust account [and presumably moving the money/assets into a new account somewhere else] then yes, the trustees should be able to do that without any problem from the current bank. It may be a different story if you are talking about terminating the trust. That may require the approval of the court and/or the consent of the beneficiaries if the trust instrument does not call for early termination. At a minimum, I would need to review the trust document to provide you with an answer.