QUESTION

At my death can a bank pay out of trust a certain monthly amount to my handicap son

Asked on May 03rd, 2021 on Trusts and Estates - Arizona
More details to this question:
Handicap son need a monthly payment not the entire amount
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1 ANSWER

Estate Planning Attorney serving Waddell, AZ
Partner at J. Brooks Law, LLC
2 Awards
Good Morning: Based on the limited information provided, you can set up a special needs/supplemental needs trust that can pay out limited amounts from an account to your son.  However, you have to make the trust the owner of the account with the bank and name a trustee (not your son) who will control the funds and pay the money out in a way that you specify in the trust when you set it up.  Please bear in mind that you'll need to work with the bank directly to ensure they will allow the trust to own the account and the trustee access to it.  Every bank has its own forms & procedures for account ownership & access.
Answered on May 17th, 2021 at 10:12 AM

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