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inthewoods

Trusts

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Hello,  My husband and I will be filing chapter 7 due to his lost of job. Too far in debt to get out.

I am in the process of filling out paperwork for my attorney.

 

Upon speaking to my parents, I learned that I am listed on a money market account if they pass away it would go to me. My parents want to just remove me from the account because they do not want someone to take their money.

 

I don't have any say in the matter and have no control over the account. my parents says the statement has their names on it and it says "in trust" underneath with my name.

 

So, with us filing soon, what is the best course of action here. List that I was listed on account but removed not by my choosing?  don't list, or try to talk my parents into leaving my name on their? 

 

Thank you

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This sounds like a Totten Trust which means that as long as the account holder is alive, you have no control or access to the account. Hence, the trustee would have no control or access to the account. You do not need to list it as an asset at all. If the trustee asks about it, mention to them that this was a Totten Trust and that the parties who own the account are still alive.

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Thank you. I just looked up Totten Trust and it does sound like that. My mom said they did it to avoid any hassle with taxes etc when they pass.  I will advise my attorney that they had me listed and removed me on their own accord.

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