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NR Trust Banking question
Good Day all!
I previously had a NR trust bank account to which i decided to close – funds transferred to me (i am also a beneficiary) including the original deed amount ($10). I was planning on winding up the trust but now i have decided to continue operating and would like to set up a with a different bank, does the fact i have already closed the other account into my own personal account cause issues from an accounting standpoint? Is it ok to create another account and just transfer that money back or is it better for me to create a new trust?
Any advice would be greatly appreciated.
Thanks
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3 Replies
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May be a question for Mark at the next Q and A?
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If you purchased the trust from him you should have his contact details so you should be able to ask him directly about this matter.
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In marks videos about trusts he has stated that you can open as many trust bank accounts with multiple banks if you want to so I don’t see why you would need a new trust but maybe check with him as I am no expert.