My bank said that you can not appoint a beneficiary to a basic checking account. In which case what should I do ? Should I estabish a trust for my minor son in the case that somethining happens to me and my husband ?
2006-08-05 19:07:33 · 2 answers · asked by sherbear 2 in Business & Finance ➔ Other - Business & Finance
What you can do is add him to your account, just don't have his name printed on your checks. This way, if anything happens to you and your husband, with rights to survivorship, your child would automatically have access to that account, without having it tied up in probate.
2006-08-05 19:12:04 · answer #1 · answered by fixer of all aka mom 3 · 0⤊ 0⤋
You can put in your will that the contents of bank account such and
such will be wholly transfered to your son.
That is not a "bank" thing - that is a function of the executor executing
the will.
There are some pretty good tax reasons for establishing trusts, but
you don't need to do that to make sure that your liquid assets will get
transferred to him after your estate is settled. A simple will should suffice.
2006-08-05 19:12:52 · answer #2 · answered by Elana 7 · 0⤊ 0⤋