Estate Law Questions? Ask an Estate Lawyer.
Hi, I will be happy to assist you, and it is my goal to make you a very satisfied customer! This may take a few minutes, so thanks for your patience.
Have they provided a reason why they won't work with him as trustee even if he doesn't have any relation to a trust-owned brokerage account?
It seemed to be related to his occupation as stock broker? He tried to transfer the account to a differnt brokerage (than his employer) and they would not accept him as trustee. Perhaps because he would be in charge of the account.
So, he would still have been in charge of the account even after transfer?
As trustee he would be in charge.
Are you dead set on having him serve as trustee? Have you contacted other brokerage firms about moving the account and informing those firms that he would be trustee?
yes. I am wondering if I would get the same answer if I transferred the account and gave them his name as trustee? what do you think?
He can certainly serve as trustee if you want him too and his firm doesn't prohibit (by policy) his serving in such a capacity. The problem will just be whether another firm might have an internal policy against allowing an outside person serving as trustee if they know that person is a broker. If the do have such a policy, it would just be a matter of competition and protecting their interests. There would be nothing illegal about his serving as trustee. You could make him trustee like you want and then try what you proposed -- to just let the other firm know he is the trustee. There's no legal reason to have to disclose that he happens to be a licensed broker.
Exellent!!! thats what I needed. Thank you
You're welcome. Have a great evening!