How can I transfer assets from a trust account?
Here’s a summary of the main problem and solutions discussed:
- Main Problem: The user, acting as a trustee, is seeking guidance on how to transfer appreciated stock from a Trust brokerage account to a private brokerage account, specifically if this can be done online.
- Solution: Trustees generally have the authority to withdraw funds from the Trust account, depending on the Trust documents. The user can initiate the transfer online by selecting “Transfer” on the Portfolio Summary page on Fidelity’s website.
- Recommendation: For clarification about the Trust guidelines, the user is advised to consult with the attorney who established the trust or review the trust documents.
- Tax Inquiry: For any tax-related questions regarding the transfer, it is recommended to speak with a professional tax advisor.
Here’s the full thread
This would be from our Trust brokerage account (he is a trustee) to his private brokerage account. It would be appreciated stock. Both are Fidelity accounts, I am the primary Trustee at this time. What is the process to do this, can I do it online?
Hi, @Sweetwater. Thanks for hopping on Discord to ask your question.
Generally, trustees have the ability and authority to withdraw funds from the Trust account; however, this depends on the guidelines outlined in the Trust documents. If eligible, you can complete the transfer on Fidelity.com by selecting “Transfer” on the black bar across the top of your Portfolio Summary page.
If you have questions about the Trust guidelines, we recommend speaking with the attorney who helped establish the trust and/or reviewing the trust documents. For any questions regarding taxes, we recommend speaking with a professional tax advisor.
Please let us know if we can help with anything else! 🟢