Personal Finance (Not Investing) • Do all beneficiaries need to be present even if I list my Trust as the beneficiary?

Thank you for sharing! May I ask whether you know what the differences are between a Trust Account vs. simply listing the Trust as the beneficiary for all your father's accounts?

I can answer this.

When the father dies, any account owned by the trust will be distributed by the trustee. But for accounts with the trust as a beneficiary, the father's executor (for father's will) will need to do the transaction of moving the assets into the trust account.

The same person is often both the executor (of the will) and the trustee (of the trust).

Statistics: Posted by celia — Thu Apr 25, 2024 4:16 am — Replies 25 — Views 1781

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