Xxxxxx Trust Accounts. If you have deposited money in your own name in trust for someone else (a beneficiary), you can withdraw the money or close the account. When you die, the beneficiary or his or her legal representative can withdraw the balance. We will not release any funds, however, until all legal documents have been delivered to us and we have had a reasonable amount of time to examine same. We will allow multiple beneficiaries assigned to these accounts and funds will be disbursed in equal amounts to each beneficiary upon the death of the account owner, or last surviving joint owner if there are multiple account owners.
Xxxxxx Trust Accounts. Subject to Applicable Law and the Bank’s acceptance, you may, without a written trust document, designate on the Account Agreement form an account to be payable on your death to a designated beneficiary(ies). You must provide us with the name, date of birth, address, and other identifying information of the beneficiary(ies) that we may request. Such accounts may be generally known as “Xxxxxx Trusts,” “transfer-on-death,” or “in trust for” accounts. You are solely responsible for meeting the terms of Applicable Law in establishing such accounts including, without limitation, any titling requirements. We make no representations as to whether the establishment or use of such an account designation is appropriate for you. You may want to consult your attorney, tax professional or estate planning advisor before making such a designation. You have the right at all times to change or remove such beneficiary(ies) from the account, close the account, or withdraw some or all of the funds from the account. If you open this type of account, the account and the funds in it belong to you during your lifetime and, until your death, the beneficiary(ies) has no interest in the account and may not access the account nor the funds in the account. Upon your death, or if there is a joint owner, upon the death of the surviving co-owner, all the funds in the account shall be owned by the person then living who is named as beneficiary(ies) on the account. The money in this type of account will not be inherited by your heirs or controlled by your will. We have no obligation to notify any beneficiary(ies) of the existence of any account or the vesting of any interest in any account.
Xxxxxx Trust Accounts. If you open an account in your name payable on your death to another person or in trust for another person (such other person, the "beneficiary") without presenting formal trust papers, you may make deposits, withdrawals, or close the account at your discretion. After your death, New York State law will determine who may claim the funds on deposit. Your social security number must be used for income tax reporting purposes. Alpine may require certain legal documents before releasing funds on deposit.
Xxxxxx Trust Accounts. A Xxxxxx Trust is an informal trust account without a written trust agreement. The beneficiary named has no right to any funds in the account during the trustee’s lifetime. The account is owned by the trustee. As the owner of the account, the trustee may withdraw money from the account and may, with written direction to us, change the beneficiary under the account. When the trustee dies, the account is owned by the named beneficiary. If there is no surviving beneficiary upon the death of the trustee, state law will determine ownership of the funds in the accounts.
