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Ask Maxim Veytsman Your Own Question
Maxim Veytsman
Maxim Veytsman, Researcher
Category: Finance
Satisfied Customers: 33
Experience:  Many years research experience
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Financial/Trusts

Customer Question

If my mother sets forth in her will that my inheritance is in the form of a trust executed by a particular bank, and that bank is sold or merged and under another name before her will can be changed or if she not of sound mind to change the will what happens to the trust?
Submitted: 11 years ago.
Category: Finance
Expert:  Maxim Veytsman replied 11 years ago.

If the will was drawn up by a lawyer its possible that there is a clause in it about bank merging.  Can you post the part of it that appoints the executor?

Maxim Veytsman and other Finance Specialists are ready to help you
Customer: replied 11 years ago.
Reply to Maxim Veytsman's Post: She is in the process of rewriting her will and the bank will be the executor I believe if my sister predeceases me. I am permanently disabled and living on Social Security Disability income plus $350 a month family income. I'm just worried that the bank will be sold or merged like so many are of late before she could or is able to change her will naming another bank.     

Scott Curtis [email protected]
Expert:  Maxim Veytsman replied 11 years ago.
 If the bank is merged in most cases accounts like this would transfer over.
Customer: replied 11 years ago.
Reply to Maxim Veytsman's Post: I am refering to a scenerio where the bank is sold or merged before the trust is set up and my mother is not of sound mind or health to change the will. What happens to the trust that was to be set up at the sold or merged bank?
Customer: replied 11 years ago.
Reply to Maxim Veytsman's Post: The bank would be the executor.

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