Trust Account For Probate
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FAQ
The process of transferring your bank account to a trust requires new signature and ownership cards that retitle your bank account to the trust so that the trust becomes its legal owner. When it's time to distribute your assets, the funds in the bank account will be paid into the trust.
All banks approached will not open an executor account until probate is obtained. It could be some months before probate is obtained.
When the maker of a Revocable Trust dies, the assets in the Trust become property of the Trust. If the Grantor ? also known as the Trustor, Grantor or Settlor ? acted as Trustee while they were alive, the named Successor Trustee will normally take over as Trustee of the Trust upon the Grantor's death.
In general, consider the aims and objectives of the trust. List the assets and/or incomes. Decide who the beneficiaries are, along with how and when they will receive the benefits. Also, select 2-4 suitable trustees to manage the fund.
Your Will must go through probate after your death, while a Trust won't. Of course, this will save time and money, and it also means that the details inside a Will remain private (with the exception of being registered to the Trust Registration Service where details do need to be provided).