corporate co-trustee as a beneficiary outside the trust?

[AZSVT]

Jurisdiction

Arizona

An account of a deceased person specifies the current trustee of a trust established by the deceased person as the beneficiary. Said trust appoints a relative and a bank as co-trustees. The account is outside the trust. How is the account distributed? I hope its not a windfall for the bank. If it matters, the corporate co-trustee specified in the trust declined and the beneficiaries (of the trust) chose another bank as required by the trust if the named one declined.

 

[Zigner]

An account of a deceased person specifies the current trustee of a trust established by the deceased person as the beneficiary.

Is that person named as that person alone, or is that person named as the trustee of the trust? E.g. "Beneficiary: Bob Smith" or "Beneficiary: Bob Smith as trustee of the John Doe Trust".

 

[zddoodah]

An account of a deceased person specifies the current trustee of a trust established by the deceased person as the beneficiary.

What sort of account?

And I think what you're saying is that some person (let's call her Susan) created a trust. Susan has since died, and Bob is now the trustee of the trust. Coincidentally, Bob is also the pay-on-death beneficiary of this account. Correct?

Said trust appoints a relative and a bank as co-trustees.

In the prior post, you referred to "the current trustee" (singular), but now you're saying there are co-trustees?

The account is outside the trust. How is the account distributed?

Distributed to whom? If what I wrote above is correct, Bob now owns the money in the account because he is the pay-on-death beneficiary. Once he receives the money from the bank, he is free to distribute it (or not) to whomever he pleases.

Also, who are you in this scenario?