Legal Question in Wills and Trusts in California

I'm 70 years and inherited $100,000. After I die I want his step-mother to have it available for emergencies such as major car repairs but I don't want her to be able to spend it frivolously or give it to her daughters. I'm thinking a savings account with the three of us on it. Two signatures are required to remove funds. Right of survivorship so last person standing gets it without probate, wills or trusts. Last man standing gets it all. But I'm concerned bank will not let it go without probate if two of three are dead. Inheritance tax is not a issue.


Asked on 4/05/14, 5:49 pm

1 Answer from Attorneys
Victor Waid Law Office of Victor Waid

Whether your bank will honor the title arrangement you desire re your savings account and the requirement of two signatures out of three person on any withdrawals, is really a question for your bank to answer. However you should be able to accomplish your desire by setting up the account in joint tenancy title, whereby the survivor is entitled to the account, with a two signature restriction annual maximum withdrawal, with the account balance can never be withrawn, except by the last person standing.

Read more
Answered on 4/05/14, 7:42 pm


Related Questions & Answers

More Probate, Trusts, Wills & Estates questions and answers in California