+ Reply to Thread
Results 1 to 4 of 4
  1. #1
    McKelvy is offline Junior Member
    Join Date
    Apr 2005
    Location
    Michigan
    Posts
    11

    What is ITF on a bank account?

    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?
  2. #2
    BlondiePB is offline Senior Member
    Join Date
    Feb 2002
    Location
    Bikini Atoll
    Posts
    5,630
    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.
  3. #3
    McKelvy is offline Junior Member
    Join Date
    Apr 2005
    Location
    Michigan
    Posts
    11
    State: Michigan What is the difference between ITF and Joint Tenants on a bank account?
  4. #4
    BlondiePB is offline Senior Member
    Join Date
    Feb 2002
    Location
    Bikini Atoll
    Posts
    5,630
    Quote Originally Posted by McKelvy
    State: Michigan What is the difference between ITF and Joint Tenants on a bank account?
    ITF accounts have a beneficiary. Joint Tenant accounts are co-owned.

Similar Threads

  1. Safety Of Opening Bank Account at Same Bank After Bankruptcy?
    By mrgonzo in forum Consumer Bankruptcy
    Replies: 2
    Last Post: 02-14-2009, 10:19 PM
  2. Replies: 1
    Last Post: 05-22-2006, 11:05 PM
  3. (bank fraud) bank account with fake information
    By clsb in forum Banking & Credit Cards
    Replies: 0
    Last Post: 06-29-2004, 02:01 PM
  4. Replies: 4
    Last Post: 03-12-2004, 11:02 PM

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  

© 1995-2012 Advice Company, All Rights Reserved

FreeAdvice® has been providing millions of consumers with outstanding advice, free, since 1995. While not a substitute for personal advice from a licensed professional, it is available AS IS, subject to our Disclaimer and Terms & Conditions Of Use.