• FreeAdvice has a new Terms of Service and Privacy Policy, effective May 25, 2018.
    By continuing to use this site, you are consenting to our Terms of Service and use of cookies.

What is ITF on a bank account?

Accident - Bankruptcy - Criminal Law / DUI - Business - Consumer - Employment - Family - Immigration - Real Estate - Tax - Traffic - Wills   Please click a topic or scroll down for more.

McKelvy

Junior Member
What is the name of your state? Michigan -- My Uncle, will call him U1, had his name put on his bother's, will call him U2, bank accounts as ITF, as opposed to Joint Tenants. He says it stands for "In Trust For". U2 just recently died and U1 claims he has to get U2's name off the accounts ASAP because any interest earned goes into the estate. I have two questions. 1) What is an account setup as ITF (I can find anything about this on the web) and 2) does U1 really need to worry about getting the names changed in order to avoid filing a 1041 form?
 


BlondiePB

Senior Member
The money in the ITF account and the interest belong to U1 beginning the day following U2's death. U1 needs to take an original death certificate of U2 to the bank. The bank will close the account. U1 can either transfer those funds in a new account of his own or have the bank issue him a bank draft for the money.
 

Find the Right Lawyer for Your Legal Issue!

Fast, Free, and Confidential
data-ad-format="auto">
Top