Who is the Owner of a Living Trust Account? - John Burnett

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Who is the Owner of a Living Trust Account?
by John Burnett, BOL Guru
Guru BIOS

Question: Who has legal ownership of funds in a living trust account? Are these funds owned by the trustee (who continues to pay taxes on any interest earned), or the trust as a separate legal entity?

Answer: They are legally held by the trust. However, many (if not most) living trusts are revocable by the grantor, so that the property isn't truly unreachable to him or her.

First published on BankersOnline.com 2/7/05

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