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#2143241 - 08/23/17 03:21 PM Totten Trust Accounts
Jo Offline
Member
Joined: May 2009
Posts: 75
Is there any limit to the number of beneficiaries that can be on a Totten Trust account in Massachusetts?

Thank you

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#2143351 - 08/23/17 07:59 PM Re: Totten Trust Accounts Jo
John Burnett Offline
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John Burnett
Joined: Oct 2000
Posts: 40,086
Cape Cod
The law in Massachusetts was changed some time ago to eliminate any perceived limit. Chapter 167D section 3(b) starts as follows: "Any bank or federally-chartered bank may receive deposits made by 1 or 2 persons in trust for other natural persons, trusts or a charity or nonprofit organization recognized by the Internal Revenue Service." Note the use of "persons" and "trusts."
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John S. Burnett
BankersOnline.com
Fighting for Compliance since 1976
Bankers' Threads User #8

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#2143418 - 08/24/17 01:28 PM Re: Totten Trust Accounts John Burnett
Jo Offline
Member
Joined: May 2009
Posts: 75
Thank you so much.

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#2143424 - 08/24/17 02:01 PM Re: Totten Trust Accounts Jo
John Burnett Offline
10K Club
John Burnett
Joined: Oct 2000
Posts: 40,086
Cape Cod
The limit to one beneficiary makes handling the transfer of the account to the beneficiary much easier. but the ability to have multiple beneficiaries addresses some depositors' concerns.
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John S. Burnett
BankersOnline.com
Fighting for Compliance since 1976
Bankers' Threads User #8

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