I am curious about a trust account and regulations

Asked about 2 years ago - Tampa, FL

Would it be possible for a trustee, if the amount in a trust is a huge amount of cash, to set up an account for the beneficiary in the beneficiary's name only to receive the cash instead of wiring or sending a check to the beneficiary ? For example, if it is already in an insured non interest bearing account can the trustee simple change ownership of the account to the beneficiary? Thanks

Attorney answers (3)

  1. Carol Anne Johnson

    Contributor Level 18

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    Answered . To properly answer your question would require seeing how the trust was set up and what the trustee's instructions are. You can also set up your own account, or even better, a revocable trust, into which the sum is wired. Without seeing the actual trust, a meaningful answer is difficult. Generally speaking, though, there is nothing in a garden-variety trust account that would prevent the trustee from making the sole beneficiary the account owner.

    Carol Johnson Law Firm, P.A. : (727) 647-6645 : carol@caroljohnsonlaw.com : Wills, Trusts, Real Property, Probate,... more
  2. Adam Troy Rauman

    Contributor Level 14

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    Answered . Without reading the Trust document an attorney will not be able to provide guidance on this matter. I will caution you about taking action without consulting an attorney first as you may become personally liable for breaching your fiduciary duty.
    Call a local estate attorney to have the trust reviewed as soon as possible.

    This answer is provided for informational purposes only, does not constitute legal advice, and does not create an... more
  3. Eric Jerome Gold

    Pro

    Contributor Level 19

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    Answered . A trust attorney would need to review the language of the trust to determine if what you suggest is permissible. That being said, if you are the trustee and you consult with an attorney, that is a legitimate expense that would be paid by the trust. As you stated there is a substantial amount of money involved, it is worthwhile to be sure that the distribution is handled properly.

    ** LEGAL DISCLAIMER ** My response above is not legal advice and it does not establish an attoreny-client... more

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