Living Trusts and bank account for proceeds from property sale

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Steve6622
Posts: 1
Joined: Wed Jun 06, 2018 3:11 pm

Living Trusts and bank account for proceeds from property sale

Post by Steve6622 » Wed Jun 06, 2018 6:05 pm

Hi - I’m seeking advice on bank accounts for trust assets. Situation is this - elderly mother-in-law has house held in living trust. She has resigned as trustee and my wife has assumed the role of successor trustee. House is being sold and we will need somewhere to deposit the proceeds. The living trust and house are in MA but we reside in another state. Does it matter where a trust bank account is located ? Can we just establish an account with a local bank here to hold the proceeds ? Have tried Fidelity but appears you need to fund the account at opening and currently only assets are real estate until the sale happens. Thanks for any advice you may have..

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