A tentative trust is a bank account set up by an individual for the benefit of, or “in trust for” someone else. The trust is tentative because the funds aren’t available to the beneficiary until the death of the person who is the depositor on the account. The depositor can withdraw funds from the account at anytime during his lifetime, so the funds stay in trust, or tentative until the death of the account holder.

The funds in the trust are not subject to probate, and the beneficiary does not need notification of their existence since the funds stay in the trust until the depositor dies. Tentative trusts most often involve a small amount of money from someone without the ability or need to take advantage of more complex estate planning. Use a tentative trust to:

1. Pass a small amount of money on after death without the need of a formal estate plan.

2. Maintain control of and access to funds in a tentative trust until death.

3. Give an amount of money to an individual not covered in an estate plan.

Action Steps
The best contacts and resources to help you get it done

Find tentative trust advice from a tentative trust expert

A tentative trust is a simple way to avoid probate and pass small amounts of money on to beneficiaries. However, knowing whether you need a more complex plan for your particular situation is important. Finding the right trust and estate attorney to evaluate your situation is the best way to make the right choices for yourself and your loved ones.

I recommend: Use AVVO by keying in the words "Trust and Estate" in the legal topic field, then insert your ZIP code to find trust experts near you. Visit Attorneypages.com and click on "Wills and Trusts" to find an expert in tentative trusts.

Read more about a tentative trust through your bank or financial institution

Because a tentative trust is a type of bank account, there are no online sources to create tentative trust documents. All documentation for a tentative trust comes from the bank that holds the account. Tentative trusts have the same type of insurance coverage as any other types of bank accounts, and your banker will have all the appropriate forms available to set up this type of account.

I recommend: Both Bank of America and J.P. Morgan are examples of large banking institutions with trust departments to handle tentative trust documents. However, most local or national banks have these services available.

Work with a trust attorney for tentative trust management as a part of your estate plan

A trust an estate attorney is the best place to get tentative trust information and to answer questions about whether this type of trust is right for your estate planning needs. During life's most difficult moments, having the right information before you need it is priceless.

I recommend: Both Dewey & LeBoeuf and Duane Morris are international law firms with attorneys specializing in trusts, estate planning and taxation law.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  A tentative trust is a good tool for persons needing access to the funds for the remainder of their lives. If the owner of the account continues to use the account, whatever funds remain at the time of death pass to the beneficiaries.