the Trustees will hold the monies in their joint account in Bank *** on trust for the Beneficiary as specified in the Schedule thereto.
2006-09-17 14:44:33 · 6 answers · asked by Anonymous in Politics & Government ➔ Law & Ethics
It means that the Trustees will have a Trust joint bank account so that they both, or all, have to sign to withdraw funds and that the money which will be held in that joint account is as specified in the schedule attached to the Trust Deed.
2006-09-17 14:53:05 · answer #1 · answered by Anonymous · 1⤊ 0⤋
If I were to use a clause such as this, it would mean the named Trustees, will hold all monies that has been left by the benefactor, for an underage child or children, or a mentally challenged minor, until a certain age has been reached. The names and info would be in an attachment. There are many reasons a trust fund was set up, and you have not given enough information to make an accuration decision.
2006-09-17 15:17:15 · answer #2 · answered by skyeblue 5 · 0⤊ 0⤋
there are different types of trust there are revorory and inrovery revororory yo control and irroveral the trestees and lawers at a bank do not but I choose to do mine revororory and without trustees which is at the bank. The trust deed will have to what is on the benefuficiary as specifified in the schedule. there to so in otherwords if you want it to go to your son. it will go to your son cause that how it is written.
2006-09-17 15:03:44 · answer #3 · answered by Anonymous · 0⤊ 1⤋
Those in charge of the trust are the trustees. They'll have access to the money in the acct. as was specified in the Trust.
2006-09-17 14:53:05 · answer #4 · answered by Anonymous · 1⤊ 0⤋
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2016-12-15 09:38:11 · answer #5 · answered by ? 4 · 0⤊ 0⤋
it means what it says, the bank will keep the money till all accounts are settled
2006-09-17 14:51:34 · answer #6 · answered by acid tongue 7 · 1⤊ 0⤋