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.


Asked on 2/03/11, 11:46 am

1 Answer from Attorneys

Jonathan Chester The Law Office of Jonathan S. Chester, Esq., LLC

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.

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Answered on 2/09/11, 5:24 am


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