What does mean ATF on a Bank Account? Is it exactly the same thing as beneficiary on payable on death accounts?
My Uncle passed away and he had marked me as ATF for his savings account. Is the balance of the account mine? Do I need to pay some of his final bills out of this money? The rest of his property (house, investment-accounts) will go through probate.
1 attorney answer
ATF = as trustee for. Your question is ambiguous. No, the balance in the account is not yours. If you are named the trustee, it is for specified purposes as mentioned in a declaration of trust. You should consult local trust counsel. Yes, you probably have to pay final bills out of this money. Probate may not be necessary if all property was similarly titled. Good luck.
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