Q:
What does "ITF" mean in banking?
A:
Quick Answer
"ITF" in banking stands for "in trust for." It means that the owner of the account is acting as the trustee of the funds, which transfer to the beneficiary of the account when the owner dies.
Continue ReadingFull Answer
"In Trust For" accounts are a method for someone to ensure that the funds in his bank account transfer to someone else with little difficulty if he passes away. The owner of the account retains control of the funds as long as he lives and is permitted to make changes at any point. Banks in some states prefer to use the "payable on death" designation, which also pays the balance of the account to one or more beneficiaries when the account owner passes away.
Learn more about Financial PlanningSources:
Related Questions
-
Q:
How do you form a revocable trust?
A: A revocable living trust is created through the grantor's signature on a living trust document and the transfer of all property into the name of the trust,... Full Answer >Filed Under: -
Q:
What is a dynasty trust?
A: A dynasty trust is structured to last multiple generations, possibly even in perpetuity. This type of trust allows money to accumulate without any direct t... Full Answer >Filed Under: -
Q:
How can you avoid probate court?
A: Avoiding probate court can be done by establishing a revocable living trust, implementing pay-on-death accounts and registrations, and giving someone joint... Full Answer >Filed Under: -
Q:
How do you determine the advantages of a living trust?
A: The advantages of a living trust are determined by the amount of property owned, and legal expenses related to creating a trust versus a will. In general, ... Full Answer >Filed Under:
