Legal Question in Wills and Trusts in Ohio

money market account beneficiary

Can a beneficiary to a Money Market Account or a Business Checking Account be a Revokable Trust? My bank said that you cannot name a beneficiary for these accounts - that it is automatically your estate (??).

Asked on 1/16/07, 12:02 pm

2 Answers from Attorneys

Robert Rosplock Rosplock & Perez
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Re: money market account beneficiary

I believe this is your bank's policy. It is done all the time in NE Ohio. If a problem, why not just title in the revocable trust?

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1/16/07, 12:59 pm
Shalem Shem-Tov The Shem-Tov Law Firm, Inc.
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Re: money market account beneficiary

You could simply title each account in the name of the trust, instead of your name. That is, make the trust itself the owner of the account.

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1/16/07, 1:07 pm

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