Parents have investments at Morgan Stanley and they are in a trust. The trust is written that when parents pass a separate trust is created for each child and the investments would be split between each child. We talked to the Morgan Stanley financial person and they said they could change that to not have the money put in separate trusts upon parents passing and just have the money put in each child's name. This of course would need the parents to sign a form that this would be their wishes to do this.
The question we have, is there a difference between a trust account and account in person's name? Is there limitations if the money were put in the trust? Our first move would be to move the money out of Morgan Stanley and wondering if the trust would add complexity to moving it to our existing accounts at Fidelity?
Any help would be greatly appreciated.
Thanks, Tom
The question we have, is there a difference between a trust account and account in person's name? Is there limitations if the money were put in the trust? Our first move would be to move the money out of Morgan Stanley and wondering if the trust would add complexity to moving it to our existing accounts at Fidelity?
Any help would be greatly appreciated.
Thanks, Tom
Statistics: Posted by MNTom — Tue Nov 05, 2024 2:44 pm — Replies 9 — Views 432