Assets

rugbug100 · #1 Feb 25, 2003, 06:42 PM

I have a savings and checking account in a bank. I have both in trust accounts, in case I die the money would go to my children. I am 68 yrs old. I have some stocks, and annuities. How can I protect the (Mostly) the SAVINGS account, so it cannot be attached by a lien, or lawsuit.

always_learning · Feb 9, 2004, 01:34 PM

I assume that you, as trustee, are the only authorised person able to withdraw funds.

To avoid money being unncessarily tied up in long winded estate proceedings, sign an undated withdrawal slip. Tell your children that you have done this. Place the slip in a safe place (not with a lawyer or a bank or family friend). Tell only your children where you have hidden the slip.



At Ask Me Help Desk you can ask questions in any topic and have them answered for free by our experts. To ask questions or participate in answering them you must register for a free account. By registering you will be able to: Get free answers from experts in any of our 300+ topics. Accept money for answers that you provide. Communicate privately with other members (PM). See fewer ads. Sign Up!