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I am curious about a trust account and regulations

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

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Attorney answers 3

Posted

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, Special Needs: Information provided here is anecdotal and should not be relied upon or considered legal advice. Every matter is different and answers given here are general in nature and may not reflect current Florida law at the time you are reading this posting. Please contact me if you feel you need additional assistance with your matter.

Posted

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 attorney-client relationship. Florida Attorney practicing in areas of Estate Planning, Elder Law, Trusts, Probate, Guardianship, and Business Law. The information provided is for educational purposes and not intended to provide legal advice or to create an attorney client relationship. Please contact me at attorneyrauman@gmail.com or call my office, 727) 471-0039, should you like to discuss your Florida legal matter further. Actual legal advice can only be provided after completing a comprehensive consultation in which all of the relevant facts are discussed and reviewed.

Posted

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 relationship. When responding to questions posted on Avvo, I provide a general purpose response based on California law as I am licensed in California. In reviewing my response, you are specifically advised that your use of, or reliance upon any response I provide is not advisable. I do not have all relevant background details or facts related to your issue / matter, thus I am not in a position to give you legal advice. Further, your review, use of, or reliance upon my response does not establish an attorney-client relationship between us nor does it qualify as a legal consultation for any purpose. For specific advice regarding your particular circumstances, you should consult and retain local counsel. Law Offices of Eric J. Gold www.EGoldLaw.com Telephone: 818-279-2737 Email: service@egoldlaw.con