Legal Question in Wills and Trusts in California
Bank accounts not in name of trust
Upon death of my mother, her trust had a blanket statement stating ''all assets are currently in trust''... I don't believe this is valid otherwise this trust would just be a shell and would have IRS implications... am I right so far?
Some of her bank accounts were in the name of the trust... other accounts were only in her personal name. Of the accounts in her personal name, some had me (her son) as death beneficiary while others had no death beneficiary listed on the accounts.
Obviously accounts in the name of the trust went into the trust. Accounts with death beneficiary listing me went to me. However, accounts without a death beneficiary listed and not a part of the trust (her personal name on account only)... as her son, her will (not trust) named me as beneficiary of everything if not survived by her husband (who died 8 years before her).
There was no pour over clause in the trust... just that blanket statment ''all assetts are currently in trust''.
QUESTION: her personal accounts with no death beneficiary... upon death... should they have gone to the trust or should they have gone to me (her son) per her will?
Thank you for your time.
4 Answers from Attorneys
Re: Bank accounts not in name of trust
To distribute per the trust, assets must be in trust. The successor trustee is empowered to file a petition seeking to put the assets in the name of the trust, but the court would have to order it. Otherwise, assets outside of the trust (which are not joint tenancy or pay on death accounts) will follow the will.
If you expect a fight over this issue, you would be wise to retain counsel as soon as possible.
Re: Bank accounts not in name of trust
It appears that your mother's personal accounts should go to you.
If any further questions, please call me at (818) 991-6664 for a no charge initial consultation and case evaluation. I have over twenty years experience in these matters.
Good luck and thank you for your inquiry.
Re: Bank accounts not in name of trust
If you know that all of our assets are not unit trust then you are well ahead of the game and can properly advise an attorney who you will retain to help you. That is really the answer to your problem is a than properly the first time and you won't have to try and cleanup what you didn't do properly at a later time. Not enough information in your question to solve a problem which needs procedural completion and not substantive answers. I am in the San Francisco Bay Area and after 30 years of estate planning can more than aid you expeditiously. If you wish to contact me I am at 925 -- 945 -- 6000.
Re: Bank accounts not in name of trust
It appears that the money from the bank accounts in question should go to you. Has the will been probated? Does it need to be? These are questions that need to be answered so the bank accounts can be transferred to you.
Please let me know if I can be of any more assistance
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