Do I Need to Name a Beneficiary

Do I Need to Name a Beneficiary

Every trust MUST name a beneficiary, but it does not need to be named in the Trust Corpus documents. In fact, it is explicitly stated that for privacy concerns, the beneficiary will be named in the Trust Minutes of the very first Trust Meeting. The Trust Minutes are private and to never be shown to the general public. Be aware, if one does not name a beneficiary and trustee(s) pass away, the Irrevocable Trust will be considered Revocable (and in some cases, not even a trust) - you do not want this to happen, so name a beneficiary as soon as possible.

Some banks may require the beneficiary to be named in the Trust Corpus. If that is the case, one must reveal this information to have an account with this bank.

    • Related Articles

    • Beneficiary Has TWO LAST NAMES - How Should It Be Written

      Whatever the legal last name is (i.e. the name on the Driver's License), that is what is how it's written in the trust indenture.
    • Do I Need to Name a Successor Trustee

      This depends on the individual bank one is opening an account with. For example Chase requires a Successor Trustee, but TD Ameritrade requires a Co-Trustee, and other banks only require one Trustee to sign. Call the bank before the appointment to ...
    • Who Can Be A Beneficiary

      Anyone (except a sole trustee) and any entity can be a beneficiary. If the sole beneficiary is a foundation, charity or other organization it may exist as a perpetual private express trust, thus avoiding the rule against perpetuities.
    • Can A Trust Have Just 1 Beneficiary

      Yes, a trust can have one beneficiary. But if just a single beneficiary, it cannot be anyone who is administrating the trust.
    • Can Someone Be Grantor/Creator + Trustee + Beneficiary

      No. A contract between only (1) party is invalid, contracts require (2) or more parties to be considered valid. One can be Grantor and a/the Beneficiary. There is no conflict of interest being Grantor & Beneficiary because Beneficiary cannot ...