My parents have a living will that is an AB bypass revocable trust. I have a checking account that is opened under my father's name, with his social security number and has my husband and me as cosigners. The bank is telling me that if this account is placed under the trust, only trustees can sign checks on it. Is this true?
Yes, that is correct. A trust is managed and controlled by its trustees. When the funds in an account are transferred into a trust, that is a change of ownership, and the former signers lose control of the funds.
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Yes, that is correct. A trust is managed and controlled by its trustees. When the funds in an account are transferred into a trust, that is a change of ownership, and the former signers lose control of the funds.
