Personal Finance (Not Investing) • Do all beneficiaries need to be present even if I list my Trust as the beneficiary?

Hello! So sorry for asking this question, but after reading a few posts on the forum, my head is spinning.
My primary goals of setting up a Trust is to make sure my loved ones don't have to go through probate and avoid the complicated logistics as much as possible.

However, Wells Fargo seems to be very demanding when it comes to transfer on death.
May I ask:
If I simply list the Trust, not individual beneficiaries, as a WF account's beneficiary, can the primary trustee simply withdraw the designated portions and transfer to individual beneficiaries according to my Trust?
Or does each single beneficiary listed in my Trust need to sign something or be present at a WF branch in order for the transfer to happen?

My primary trustee is an estate attorney, so I want to have him take care of all the hassles, instead of having my loved ones go through logistics hell.

In addition, does anyone know if the following banks also have as strict and complicated processes as Wells Fargo in terms of transfer on death?

• Fidelity

• Marcus Goldman Sachs

• Vanguard

• Empower

Your kind help and wisdom would be greatly appreciated!!

Statistics: Posted by j03150315 — Sat Apr 13, 2024 3:31 pm — Replies 0 — Views 7

---