No. of Recommendations: 0
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.

Print the post  


What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.