Trustee checking bank accounts?

[stlrs]

Hi,

I have a quick ? about my trustee checking my bank accounts. I'm in my 1st year of a 5 year 13. I was told he would check my accounts once a year. Is this mainly to check for large deposits... lottery winnings, money left in a will etc. or could it partly be to check purchases, see how much I'm able to save w/ the possibility he may think my payment is to low and raise it?

Thank You.

[newbie2]

I have never heard of a trustee checking bank accounts yearly. Could it be that you are mistaken and it is your tax returns you have to send in each year? (That is normal).

[espo1357]

Ya, they shouldn't be checking that. Only the tax returns.

If they are going to check it, then make the adjustments.

[justbroke]

I have NEVER EVER heard of them checking bank accounts. However, they may check Tax Returns to see what you're reporting. That's the best way to see what's going on since lottery winnings and additional income are easily seen that way!

[kornellred]

Trustees either do not have time for checking bank accounts, or more likely, see no need to check bank accounts, as it would be a waste of the time they do have. Once your plan is confirmed, the trustee does what is stipulated in the plan confirmation document - nothing more. They are not watchdogs.

[stlrs]

Thanks for the replies. I'm going to have to go through my paperwork again. I thought one of the papers the Trustee sent me stated once a year he would check bank accounts. My attorney told me my tax returns would not be looked at at all and I also don't have to turn any of it over. She told me she included my taxes into my income or something like that. I'll have to look into this a bit more as I'm fairly new to the procedure.

Thanks again

[newbie2]

Absolutely double check your paperwork and if you don't see anything that references this, call your attorney. They are there for you the whole life of your plan. Good luck!

[chicagoed195]

My attorney told me we could be subjected to a random audit of our bank statements. One lottery I hope not to win!

[justbroke]

Some Trustees must be bored. That's all I have to say about that.