Legal Question in Wills and Trusts in California

Description:

I am a first-time executor trustee of an estate >$100k. I have a Living Trust document completed and notarized for the deceased couple, and am in the process of settling the estate. Assets indicated in the estate (as per Schedule A) include real estate, mutual funds/IRAs, automobiles, and life insurance policies. Despite the last wishes of both of the deceased (to will all assets initially to their Trust, and finally to a single beneficiary once the estate is settled), where individual assets are concerned with banks, brokerages, and insurance companies, the beneficiaries of record in the respective accounts were never updated to indicate the Trust, but simply continue to indicate the surviving spouse. Unfortunately there is no surviving spouse, as they both died within close proximity to one another.

Question:

What is the order of progression for myself, as executor trustee, to assume control of these assets from the banks, brokerages, and insurance companies?


Asked on 8/28/09, 4:20 pm

1 Answer from Attorneys
Chris Johnson Christopher B. Johnson, Attorney at Law

If I'm understanding correctly, the value of the assets outside the trust is greater than $100,000? If not, small estate affidavits can be used to transfer the assets to the trust.

If the value's greater than $100,000, you may be able to use a "Heggstad" petition in probate court to get an order transferring them to the trust, which will likely cost less than initiating a probate. The petition can be used where written evidence (like the trust's Schedule A) shows the persons' intent to include the assets in their trust.

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Answered on 8/28/09, 6:58 pm


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