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I was appointed as trustee for my mother's estate. In her will she left money to each of my children which was to be set aside in a trust. My children's ages are 12, 14 and 19 and we live in NJ. I have a Letter of Trusteeship and a Short Certificate from the county defining me as the trustee. The will states that the money stay in trust until the age of 25. Can I just move money to a TD bank account and use their own Social Security number as the tax id; will I have in affect set up a trust by doing that?
Jim, Red Bank, NJ
February 27, 2015 05:36:19 PM
Saving & Managing Your Money
In reply to Jim, Red Bank, NJ
Thank you for reaching out to us, Jim and please accept our heartfelt condolences to you and your family during this time.
We'd like to let you know that a Trust is governed by the terms of a written trust document, and the Trustee or Trustees are obliged to administer the trust in accordance with both the terms of the trust document and the law.
Because your inquiry is related to your mother's estate and the requests mentioned in her will, we recommend reviewing the terms and what may be needed to open one of these accounts with a banker at a TD Store location near you. Please see http://bit.ly/TDStores to find your local Store and their lobby hours, or feel free to contact a Banking Specialist 24/7 at 888-751-9000. If you would like, one of our Specialists can establish an appointment at your preferred TD Bank Store for you during your call.
We hope this information has helped you today, Jim and visit us again if you have additional questions. All the best and take care.
Kristen P, Mount Laurel
February 27, 2015 05:37:25 PM