Beneficiaries in a trust account

[RenoJay]

If one has a brokerage or bank account titled to a revocable trust, are you supposed to ALSO name beneficiaries on the account? Should the beneficiary be the trust itself?

[Rianne]

We have a revocable living trust. Bank accounts and taxable brokerage goes to the trust itself which dictates the beneficiaries. The tIRA specifies the beneficiaries since it can't be part of the trust. That's my understanding.

[pb4uski]

Beneficiaries are for when an accountholder dies and a trust doesn't die.

The trust documents define the beneficiaries of the trust.

[Dtail]

Quote:

Originally Posted by pb4uski Beneficiaries are for when an accountholder dies and a trust doesn't die. The trust documents define the beneficiaries of the trust.

Agree.
That's how it is set up for my parents where there is an irrevocable trust.

[ncbill]

Note I've found many banks will insist on having a copy of the trust which lists the beneficiaries if the trust wants to do business with them, i.e. they won't accept a trust abstract which keeps the beneficiaries private.

[Ginny]

The account is in the name of the trust. The trustee can distribute the account according to the terms of the trust. You will need a copy of the trust when the account is set up and when the original trustee (or subsequent) die or become unable to manage the trust.