Q: My spouse and I are funding our joint bank account to our separate trusts. We were told by our banker that trusts cannot jointly own a bank account. What do you recommend?
A: My advice is to choose which trust to open up the new trust bank account under, and make each other co-trustees of your separate trusts. This would allow each spouse, as co-trustees of each other’s trust, to have access and control over the trust bank account as if it were a jointly held account.
