No. of Recommendations: 2
RBMunkin: "Any advice on this? How does one name a trust as a beneficiary and open a bank account in the name of a trust?

If a mother (whose husband has passed away) wants to leave her estate to her four kids, except for one of the kids (Eric) she wants to leave his 1/4 portion to a trust for him where the other three kids are the trustees, how does one name the trust? She created a trust through her lawyer, which reads "trust for Eric...". So if she wants to put the four kids as beneficiaries to her IRA, for instance, how would she name the trust such that Eric can't get the funds but it's for him via the other three? And how does one open a bank account in the name of the trust? The trust document doesn't include a tax id number or anything like that, so it seems like that would be necessary since any beneficiary forms and bank accounts require tax id numbers or social security numbers."


These are all questions for the lawyer who created the trust.

Does the trust exist or is it only a testamentary trust?

The trustees (or the accountant or lawyer to the trust) should obtain the T.I.N.

Not vouching for any of the following, but here are some things I found:

http://www.handlegal.com/pdf/Hand%20Law%20Office%20DC%20Esta...

http://www.halaw.com/articles/estate_planning/trustee_handbo...

http://strahmlaw.com/ways_to_mess_up_estate_planning.html

http://www.jamesburau.com/lawyer-attorney-1276946.html

http://blog.wisemanbray.com/2011/law-faq-ive-been-named-as-t...

http://livingtrustnetwork.com/estate-planning-center/revocab...

http://estate.findlaw.com/trusts/trusts-an-overview.html

Last, trusts are creatures of state law, so there is uniform 50-state approach.

You (or your friend) needs advise from a qualified counsel.

Regards, JAFO

Disclaimer

Yes, I am a lawyer, BUT THIS IS NOT LEGAL ADVICE; it is only general information. NO CLIENT RELATIONSHIP IS INTENDED TO BE CREATED, NOR IS ANY SUCH RELATIONSHIP SO CREATED. FOR SPECIFIC LEGAL ADVICE YOU SHOULD TALK TO A LAWYER IN YOUR AREA.
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