What do I need to do to paper work wise to get his money invested in a money market account until he turns 22? Thank you, Jake - Iowa
The first thing you need to do is make sure that you have a copy of the complete signed trust agreement with all amendments. This establishes the rules of your work as trustee. You should read up on performing your duties as trustee.
There are many special rules about how trustees must act. For example, you must be careful to keep this money separate from your personal funds and to invest it carefully.
To set up the investment account, you will need a federal identification number for the trust and a copy of the first and last page of the trust (or a certificate of trust) to take to the brokerage firm or bank. They will assist you in the balance of the paperwork.
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hope this helps.
James Oberholtzer is licensed to practice law in the Commonwealth of Virginia and the States of Illinois, Oregon and Washington. He has offices in Chicago, Illinois and Portland, Oregon. His law practice focuses on estate planning, probate administration, family succession planning, tax,real estate and tax exempt organizations.
The foregoing statements do not create an attorney/client relationship. These responses should be considered general legal education and are intended to provide general information about the question asked. Frequently, the question does not include important facts that, if known, could significantly change the answer. Information provided on this site should not be used as a substitute for competent legal advice from a licensed attorney that practices in the subject area in your state. The law changes frequently and varies from state to state.
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Are you the trustee? If so, you can decide how to invest it. If not, whoever is acting as trustee will do so. You should talk to an attorney, possibly the attorney who prepared the documents for your father. If you are the trustee, the attorney can prepare a certificate of trust showing you are the trustee. You can then use the certificate to open an account for your son.