"In Trust For" is a way to title a bank account as an informal trust with the trustee managing the money for the beneficiary. The ITF title designation is common for parents or grandparents to create savings accounts for minor children. Using the ITF designation may expedited the process of a beneficiary taking claim to a savings account upon the death of the trustee or owner.
Go to the bank where the ITF account is held. Ask to speak with an account representative about claiming money left in an ITF account.
Provide the representative with the bank savings account number found on the statement, your identification as well as the death certificate of the trustee named on the account.
Complete all paperwork required by the bank to get the money. You can open a non-ITF account at the bank or take cash or a cashier's check to deposit the money in another institution.
A minor child might not be able to claim the account as a beneficiary. The parent or guardian would then make the claim for the child. The guardian could choose to continue the ITF account by completing the required paperwork at the institution; each bank has different requirements.
An ITF is a revocable trust unlike a gifted account such as a Uniform Gift to Minors Act savings account. The trustee still owns and controls the money and can revoke the beneficiary designation anytime prior to death.
Things You'll Need
Bank account statement