Does My Trustee Need A Checking Account??
Here is the deal, I have a trustee of my trust account and we now have filed a insurance claim.
Does anybody else have a trustee, that has a seperate trust checking account specifically for the land trust??
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A simple man believes anything, but a prudent man gives thought to his steps. Proverbs 14:15[ Edited by joel on Date 08/21/2003 ]
Yes, this is not an uncommon practice, as any experienced trustee or trust beneficiaries can tell you.
Crap! That means we have to open a checking account just to cash a check.
If we have multiple trusts, does that mean that I have to open up a trust for each individual trust, or just one that says 'Jane Doe as trustee'??
Yes, but remember one of the prime purposes and uses of a real trust, not a grantor's trust where YOU are the trustor, beneficiary and trustee, but it has a different name than yours, a 3d party trustee, bears a different address than yours...is anonymity.
With such a real trust, you have a real asset, keeping that trust's assets private and out of sight from possible lawsuits against that property owner...if you are the trustee, it's in your name, or bears your address on the tax statements, etc.,...you've given up the anonymity, your trust is penetrable by creditors who learn of it, etc...as the courts look at the trust's assets as your assets.