Trusts & Estates Law/Trust

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Question
My husband and I each have separate trusts.  Our bank and brokerage firm said we cannot name two trusts on the same account without splitting it 50-50.  Do you see a problem with our putting the accounts under one of our trusts only since each of our trusts name the other spouse as successor trustee?  Also, for life insurance policies, do you recommend naming the spouse's trust as the beneficiary? Or is his/her name individually sufficient?  Thank you so very much!

Answer
Dear Carrie

I shall suggest you you to have two separate bank accounts for two trusts. In each bank account, the spouse could be co-account holder so that s/he can operate the account now as well after one is gone. make operating norm as either or survivor. This will be useful for clarity and taxation purpose.

It is always useful to have the individual as the beneficiary to the life insurance policy.

Each individual can execute a "will" for the assets left behind in favour of the spouse or the Trust.

If you do not have any reservation, you may share the text of the trust deed with me  for further clarity.

Hope that helps

Dr Garain  

Trusts & Estates Law

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