I am trying to set up an estateaccount to settle my father's estate. He has a trust, which identifies successor trustees and personal representatives. Why is the bank asking me for a letter of testimentary? I thought the whole purpose of a trust was to avoid having to go to probate court?
If the trust was created as part of your father's Will, the Will must be approved by the court before the trust is valid. The Letters Testamentary document is for the bank, that the trust is established and the trustee(s) can take over the assets.
An estate is separate, legally, from any trust, even if the trust was created under the Will. If you are setting up an account for the estate, the bank must know who is approved by the court as the estate's personal representative. Consult with an attorney for the details, which may involve specific requirements of state law.
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If the trust was created as part of your father's Will, the Will must be approved by the court before the trust is valid. The Letters Testamentary document is for the bank, that the trust is established and the trustee(s) can take over the assets.
An estate is separate, legally, from any trust, even if the trust was created under the Will. If you are setting up an account for the estate, the bank must know who is approved by the court as the estate's personal representative. Consult with an attorney for the details, which may involve specific requirements of state law.
