Legal Question in Wills and Trusts in California
Do I need an amendment to my revocable trust?
Husband J and I B are named as co-trustees. We are also the grantors and the grantees. (Schedule A Transfer of Assets) (We the trustors granted all right, title, interest in [all assets] to ourselves as trustees.)
J has died. (4/12/19)
Does the trust name remain the same? The SURNAME Revocable Trust.
Assets are titled as belonging to
The Surname Revocable Trust U/A date
J TEE and B TEE or J and B TTEES
(Sometimes the TTEE names come first.)
All assets were transferred as Community Property. (California)
Mutual funds held by the trust have said to open a new account and send the death certificate (copy or original depending on the company policies) and copies of the trust document.
I do not plan to close these accounts.
Does the trust need to be renamed?
Do I open the new account with the trust name plus "B TTEE", or keep J and B as co-trustees?
I assume the new account would be under my SS#, but is that correct?
Do you [person reading this] need income information? Do I open the new account with the trust name plus "B TTEE",
1 Answer from Attorneys
The name of the trust stays the same but you are now sole trustee. Yes, so long as the trust remains 100% amendable, use your own SSN but no need for new accounts.
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