Testamentary trusts

Answered by:

Question:

I have a customer who would like to set up his account to transfer to a trust upon his death. He has provided us a copy of a will, which is not valid until approved by the court. Is this something that we can do?

Answer:

Your bank should avoid doing estate planning for your customer. If the customer already has a trust established, his or her trust attorney can provide the necessary guidance. If he has executed a valid testamentary trust, the probate court, in the course of probating his will, will oversee the transfer of assets to the trust.
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