Legal Question in Wills and Trusts in California

living trust asset

a bank account remains untitled yet

listed on the trust document as an

asset.

3 names, mother, father, daughter

are currently holding title as joint

owners.

father, newly deceased, mother,

incompetent, daughter's power of

atty has been revoked and she has

been dismissed from any financial

duties.

i am able to close the account but

would like to know the

consequences; is this unlawful?

the bank has suggested that a new

account be opened with correct

titling and new ownership.


Asked on 11/16/07, 1:52 pm

2 Answers from Attorneys
Donald Field Donald L. Field, Jr., Attorney at Law

Re: living trust asset

if you are the trustee of the trust, you should retain an attorney to advise you with regard to this and other issues (many of which you may not be aware) related to your fiduciary duties.

Read more
Answered on 11/17/07, 1:03 pm
Mitchell Roth MW Roth, Professional Law Corporation

Re: living trust asset

If the account is the account of three joint owners, then the daughter is now the owner, and the funds cannot be withdrawn or transferred into a new account without her consent or without a court order.

Read more
Answered on 11/17/07, 12:08 am


Related Questions & Answers

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