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What Is the Effect of Having Savings or Securities “In Trust For” Another Person? How Do Such Bank Accounts Differ from a Custodial Bank Account for a Minor?

April 26, 2017bank account bank accounts person savings securities Trust

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What Is the Effect of Having Savings or Securities “In Trust For” Another Person? How Do Such Bank Accounts Differ from a Custodial Bank Account for a Minor?

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Monies on deposit in a bank account standing in the name of a depositor “in trust for” another become the monies of the named beneficiary immediately upon the death of the depositor.