Successor Trustee Process

Question: We have a living trust with our two sons named as successor trustees. Our bank accounts, etc. are held under the name of the trust. We have told our sons all they need to do upon our death is present the trust document, our death certificates and their identification to the bank, brokerage firm, etc. and they will be able to get the money, sell the stocks, etc. Is this correct?

Answer: Yes, that should work. But, you should check with the bank or other institution to see if they have other specific requirements. Their main concern will be to make sure the trust document is valid, the death certificates valid, and your sons are who they say they are. So, they may certain requirements as far as notarized documents and that sort of thing. It probably would be best to meet with the trust department now and make sure they have the trust document, the ID's of the successor trustees, etc. Then it will all go smoother when the time comes.

It's great that you are doing all this well ahead of time.

All the best,

Mo