Special trustee for checking account?

[JimPeters]

What is the name of your state? AZ

I created a familly trust into which all my assets have been put with the exception of a personal checking account. Would it be acceptable for me to write an amendment to the trust which adds the checking account to the trust and designates a special trustee for that account alone, someone other than the person designated as successor trustee for the trust in general?

I realize I could make this a joint account instead, but what I want to know is whether the amendment would be legally acceptable, designating a second trustee within the trust.

 

[TrustUser]

if you want the trust agreement to govern the checking account, you would need to get the account re-titled into the trust at the bank.

once done, and it is owned by the trust, the amendment in your trust would probably be fine.

most banks and credit unions actually want you to put the trustee and successor trustee names on their own documents, as well.

you can of course have a pod on the account, which would give it to someone when you die, instead of making it a joint account. this would keep it out of probate. basically a beneficiary, instead of a co-owner.

in fact, you might want to get the amendment notarized at the bank when you place the checking account into the trust.

 

[JimPeters]

Thank you, that sounds good. The amendment would allow me to specify that the account would be used to pay taxes and utilities for the house until sale, and the remaider, if any, would be divided among beneficiaries. And it would not offend heirs as a direct giveaway might.