Last Month's Q&A: Answered!

The following question appeared in the Q&A section of Banking Spectrum's July 2013 Report Bulletin. Compare your answer to the correct answer provided below.

Q: A trustee of a living trust has come to us and wants to open a living trust account.  The grantor is dead.  Can we do this?

A:  Yes.  The trust was created before the grantor’s death, it is now irrevocable and is a separate entity that can be opened by the trustee for the purpose of implementing the trust provisions.