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BankersOnline.com Forums State-Specific Compliance Issues New Hampshire Multiple Trusts on Deposit Account
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#2114192 - 01/13/17 04:33 PM Multiple Trusts on Deposit Account
NeedyBanker Offline
New Poster
Joined: Jan 2017
Posts: 2
Has anyone been asked and/or set up checking accounts with the title of two Revocable Trusts? Trying to determine if it is okay or a conflict. How would the assets be distributed if the trustee of one trust dies?

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#2114230 - 01/13/17 06:16 PM Re: Multiple Trusts on Deposit Account NeedyBanker
ocbeach Offline
Junior Member
Joined: Sep 2015
Posts: 47
Maryland
Yes, we have been asked by two different customers. Ran it by legal, who advised not to touch it with a ten foot pole.

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#2114248 - 01/13/17 07:00 PM Re: Multiple Trusts on Deposit Account ocbeach
NeedyBanker Offline
New Poster
Joined: Jan 2017
Posts: 2
Thank you - my feeling too

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#2220414 - 08/26/19 06:50 PM Re: Multiple Trusts on Deposit Account NeedyBanker
John Burnett Offline
10K Club
John Burnett
Joined: Oct 2000
Posts: 40,086
Cape Cod
It's all about commingling of assets, which is contrary to basic trust law.
Last edited by John Burnett; 08/26/19 07:23 PM. Reason: spelling correction
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John S. Burnett
BankersOnline.com
Fighting for Compliance since 1976
Bankers' Threads User #8

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#2220423 - 08/26/19 07:23 PM Re: Multiple Trusts on Deposit Account NeedyBanker
John Burnett Offline
10K Club
John Burnett
Joined: Oct 2000
Posts: 40,086
Cape Cod
And welcome to BankersOnline's discussion forums, NeedyBanker.
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John S. Burnett
BankersOnline.com
Fighting for Compliance since 1976
Bankers' Threads User #8

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