Question:
This question is submitted by Kim L. out of Massachusetts
I bought one of the condos in a two-unit trust. The previous owners set up the trust and were the trustees. The owner of the other condo didn't know there was a trust even though he was paying half of the master insurance. I had roof damage and had to file a claim.
The checks from the insurance company were made out to the trust but there is no bank account so I am trying to open one. I have to get my name and the name of the owner listed as the new trustees.
What is the process for that? Once that is done, what do I need to open a bank account for the trust so I can cash the insurance checks?
Does the other owner have to be on the account or can I open it myself as one trustee? I don't want him to have access to the money (his side had no damage).
Thoughts?
Answers (3)
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