Legal Question in Wills and Trusts in California
IMy mother died and the trustee is my sister. A CD account is named in the trust, can it be transferred to a checking account not in the trust and held jointly by trustee. I thought that whatever account in named in the trust, it or the residual amounts have to be held in the trust. The trust was irrevocable from the beginning when my Mom and Dad (deceased) signed the Trust 7 years ago.
1 Answer from Attorneys
If the CD account was part of the trust, then it should not be removed, it is a trsut asset and needs to be treated as such. It does depend on the powers given to the trustee, however. There may be broad powers to use trust funds, but I would think it unlikely that it would allow for removal of trust assets. Sounds more like self-dealing to me.
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