Couple w/ Living Trust-Joint Account w/Trusts?

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Question:

A husband and wife each have a living trust. Husband and wife are trustees of both trusts. Can they have a joint account with their respective trust as joint owners?

Answer:

No. Trust funds should never be commingled. Suppose that one of the customers dies and their successor trustee is directed by the trust document to distribute the trust's assets to beneficiaries named in the trust. These is no way to determine what funds are owned by the surviving spouse's trust and the deceased spouse's trust.

First published on BankersOnline.com 7/9/12