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#99496 - 07/22/03 04:13 PM Revocable Living Trusts - Joint Account
BeachGirl Offline
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Joined: Sep 2001
Posts: 206
Myrtle Beach, SC
We have a married couple who have separate Revocable Living Trusts. All of their accounts are jointly owned. They want to continue to have joint accounts in the name of their trusts, example: "Jane Doe RLT or John Doe RLT". I can't find anything in state law. All of my experience and training in account titles has always been that the account must be titled according to the trust agreement and transaction authority is granted to the "grantor" or "trustee" only. Can we do that with two separate trusts on one account?
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#99497 - 07/22/03 04:37 PM Re: Revocable Living Trusts - Joint Account
John Burnett Offline
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John Burnett
Joined: Oct 2000
Posts: 40,086
Cape Cod
I believe that, if your bank is willing to do it, you can legally do it, unless there is a state law to the contrary.

I suggest you make no representation as to FDIC insurance coverage for an account titled in this way, however. Joint account coverage is only available to natural persons, and I don't think FDIC attorneys would recognize this form of ownership as a joint account.
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John S. Burnett
BankersOnline.com
Fighting for Compliance since 1976
Bankers' Threads User #8

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