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Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Estate Law
Satisfied Customers: 91828
Experience:  Experienced in Trust and Succession Law, including Louisiana Laws
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I have a bank account for my autistic son but want to put it

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I have a bank account for my autistic son but want to put it in his special needs trust. How do I change it. Do I designate the owner as the trust? And also do special needs trusts need to be recorded in florida? I called the clerks office and they said no but I thought they were supposed to. Also same question about my husbands and my trusts. Thanks.
Submitted: 1 year ago.
Category: Estate Law
Expert:  Law Educator, Esq. replied 1 year ago.
Thank you for your question. I look forward to working with you to provide you the information you are seeking.

To transfer the account in the special needs trust, if you are on the account, you simply have to change the account ownership card over to the special needs trust by filling out a new card at the bank. The alternative is taking the money from the account and closing it and then open a new account in the name of the trust.

Trusts are not recorded in FL and most states. The whole purpose of a trust is to maintain protection of assets and also anonymity and if you register them, then you lose that anonymity.

Your husband's and your trusts are handled the same way. They are not registered anywhere. To transfer property into the trusts you change the deeds or account holder cards to change names on accounts.



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Customer: replied 1 year ago.

Thank you so for the sake of anonymity do I use son's name in the name of the trust such as the Bob Smith Special needs trust or name it something arbitrary?
Thank you

Expert:  Law Educator, Esq. replied 1 year ago.
You can use your son's name on the special needs trust. Some people do not use names, but there is nothing saying you cannot use his name as you stated above. Privacy is only one reason for using trusts, asset protection is the main reason. Most special needs trusts are named for the individual. Other trusts are named for the family name of the grantor or for the grantor and I have seen few personal trusts named just random names, those are usually done on very large trusts where privacy is needed for whatever reason by the parties forming it.
Law Educator, Esq., Attorney
Category: Estate Law
Satisfied Customers: 91828
Experience: Experienced in Trust and Succession Law, including Louisiana Laws
Law Educator, Esq. and 2 other Estate Law Specialists are ready to help you

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Law Educator, Esq.
Law Educator, Esq.
Estate Lawyer
91828 Satisfied Customers
Experienced in Trust and Succession Law, including Louisiana Laws