What does ( owners name) then ttee for ( name) on a checking account statment mean if the owner dies

Asked over 2 years ago - Wilmington, MA

it is also a personal money market account their is no will also an account with owners name and itf for an other person. one account has itf and two have ttee what does that mean

Attorney answers (3)

  1. John L Roberts

    Contributor Level 10

    4

    Lawyers agree

    Answered . Massachusetts banking law explains the ITF designation at:

    http://www.malegislature.gov/Laws/GeneralLaws/P...

    John L. Roberts
    Elder Law, Estate Settlement, Estate Planning, Probate, Disability Law
    Longmeadow, Massachusetts

  2. Brian C. Snell

    Contributor Level 15

    3

    Lawyers agree

    Answered . Itf means in trust for and is a banking allowance that permits the beneficiary to withdraw the funds upon presenting a death certificate.

    Ttee means trustee which likely means that there is a trust that holds the asset. The beneficiary could be the trustee or some other third party. Sometimes the bank will obtain a copy of the trust when they establish the account. Other times you will just have to find it in the decedent's home.

  3. Jennifer A Deland

    Pro

    Contributor Level 12

    3

    Lawyers agree

    Answered . The account that says ITF now belongs to the person whose name appears after those letters. The other accounts may be subject to an actual trust, or they may be subject to the same rule. The simplest way to find out what the deal actually is would be to contact the bank or broker holding the account. Take a death certificate with you.

    Please, when you find out who it belongs to, that person should close the account. If the person the property was in trust for dies before the account is closed, the property would likely wind up in the estate of the person who set up the account.

    If there turns out to be a real trust involved, you may have some digging to do, since you will need the trust document itself in order to get the money. But start with the bank or broker.

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