rjordan392
Member
What is the name of your state? Pennsylvania.
I recently revoked my old living trust and created another using an attorney. I included my house and my stock holdings as the assets. I named it The Robert Jordan Revocable Aggreement of Trust.
At present, my account at the brokerage is titled as "Robert Jordan" with no beneficiaries. I took the beneficiaries off the account on the advice of the brokers representative. He stated that he never heard of anyone placing their stock holdings in a trust and leaving the beneficiaries out of it would be the way to go. The representative seemed to be not too knowledgable and I heeded his advice with suspicion with the intent of checking on the accuracy of his advice.
I used to have an account at another brokerage and my account was then titled "The Robert Jordan Revocable Aggreement of Trust". Hence my concerns about this situation. Should I insist on changing the account name to The Robert Jordan Revocable Aggreement of Trust which names eight beneficiaries to receive my assets and should I also place their names as beneficiaries on my brokerage account?
My purpose is to make it as easy as possible for my Trustee to close down my account and disperse the funds according to the trust. I also think the brokerage discourages adding beneficiaries when a trust is involved. I just want to separate fact from fiction.
Thanks.
I recently revoked my old living trust and created another using an attorney. I included my house and my stock holdings as the assets. I named it The Robert Jordan Revocable Aggreement of Trust.
At present, my account at the brokerage is titled as "Robert Jordan" with no beneficiaries. I took the beneficiaries off the account on the advice of the brokers representative. He stated that he never heard of anyone placing their stock holdings in a trust and leaving the beneficiaries out of it would be the way to go. The representative seemed to be not too knowledgable and I heeded his advice with suspicion with the intent of checking on the accuracy of his advice.
I used to have an account at another brokerage and my account was then titled "The Robert Jordan Revocable Aggreement of Trust". Hence my concerns about this situation. Should I insist on changing the account name to The Robert Jordan Revocable Aggreement of Trust which names eight beneficiaries to receive my assets and should I also place their names as beneficiaries on my brokerage account?
My purpose is to make it as easy as possible for my Trustee to close down my account and disperse the funds according to the trust. I also think the brokerage discourages adding beneficiaries when a trust is involved. I just want to separate fact from fiction.
Thanks.