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Paying Funeral Expenses from Revocable Trust
by Randy Carey, BOL Guru
Guru Bio
Question: A customer has two accounts set up under a revocable trust with the customer as the trustee. Upon his or her death we will have to notify the OTC (Oklahoma Tax Commission) and put a hold on the accounts if there is more than $10,000 in the account. $10,000 may be paid out prior to the notice for funeral expenses. Is this correct?
Answer: State law and the specific language of the trusts will determine what you are and are not able to do. Your should consult an attorney for specific advice in such a situation.
First published on BankersOnline.com 4/07/08
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