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Estate/Trust DDA Eligible for "NOW Accounts"?

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Question: 
I have read some of the responses to questions regarding whether estate and trust DDA accounts are eligible for "NOW" accounts. I am still confused. If the estate or trust account is in the name of the individual, i.e. Jane Doe Revocable Trust or Estate of Jane Doe; are they eligible for a "NOW" account? The trust papers we receive at account opening designate a trustee and personal representative papers designate a personal representative. However, these papers do not state beneficiaries specifically so can we assume the beneficiaries are the person who they trust is opened for, or their spouse, children, etc? Or do we need some type of documentation stating who is the beneficiary of the account specifically?
Answer: 

I would ask for documentation of the benificiaries prior to agreeing to open a NOW account.

First published on BankersOnline.com 7/2/12

First published on 07/02/2012

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