| Non-trust assets….read on:
CLIENT QUESTION:
Hi Lawrence,
We are wondering if we were to open a savings account with our son, would that have any bearing on the trust we created with you?
MY RESPONSE:
Whether you created a revocable or irrevocable trust with us, some assets, like a bank account, may appropriately be left outside the trust. If so, you can avoid probate on it by making the account JOINT with your son. However, your son would inherit that account. Is this what you want? Will he “do the right thing” regarding how you want him to handle his siblings? The answer will depend on the circumstances.
I hope this helps. |
