Banks And Trust Accounts

retired2022 | Apr 6, 2023 | 3 posts since 2023

Opening Revocable Trust accounts at banks and CUs can be quite frustrating and sometimes impossible. Does anyone know how problematic it REALLY is if I just open a joint account with my spouse and name a beneficiary? Everything else is in trust so it would be 1 or 2 accounts at a time. I realize in a perfect world I shouldn't but is there an attorney or someone that really knows the answer. I do live in a state with a relatively low Estate tax threshold. Thanks!

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Answers

me1004 | Apr 7, 2023 | 1,379 posts since 2010

It should not necessarily create trouble. As a POD, it still would avoid probate, a POD account also is a trust account. But the POD account would not be controlled by the trust, the trust would not reach it, the money in the POD account would have no on what anyone gets according to the trust. That is, for example, if the POD beneficiary got, say, $100,000 as POD, and you have that person in the revocable trust to get $100,000, then he/she would end up wiht $200,000 instead, gertting $100,000 from each.

DepositGuy835 | Apr 7, 2023 | 21 posts since 2015

Make your beneficiary the trust. It will accomplish the same thing.

GH1 | Apr 7, 2023 | 1,053 posts since 2017

That will work as long as bank allows you to do that. Some do not and it forces you to move to new accounts

Ltssharon | Apr 7, 2023 | 471 posts since 2020

I have a trust but once in a while have opened a pod account . The pod was easier to open.

Wonder | Apr 6, 2023 | 11 posts since 2022

Everything not in your trust when you pass away will go into probate. I’m guessing you had reasons for setting up a trust in the first place so don’t get lazy Lol.

GH1 | Apr 6, 2023 | 1,053 posts since 2017

That does not sound right. Especially if you have named beneficuaires on account nit in the trust

Ltssharon | Apr 7, 2023 | 471 posts since 2020

Gh1. I agrée with you

GH1 | Apr 6, 2023 | 1,053 posts since 2017

https://finance.zacks.com/accounts-need-included-revocable-trust-1431.html

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