Legal Question in Wills and Trusts in Ohio

I have an existing living trust in Ohio. I want to open an online high yield savings account that does not have a trust registration option. The online bank said I could name the trust as beneficiary, or open it using the POD to my spouse feature. If I open the account in either of these ways, how would the money be treated if I were to die? Would the proceeds have to go through probate?


Asked on 7/20/10, 9:41 am

1 Answer from Attorneys
Elizabeth Schmitz Elizabeth S. Schmitz Attorney at Law

If the trust is named as a beneficiary or payable on death the account would not have to go through probate. Naming your spouse as beneficiary or payable on death would also avoid probate but you may not be accomplishing your estate planning goals by using this option.

I would consult with the attorney who drafted your living trust to make sure that you use a choice that is consistent with your estate plan.

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Answered on 7/20/10, 1:46 pm


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