Legal Question in Wills and Trusts in California
Living Trust Question
My father passed away a few weeks ago, we have a family trust which myself and my sister are the trustee. We were told we shoud now get a tax ID number from the IRS, and open a checking account for the trust for the proceeds from selling my fathers house,and some shares of stock would go into this account. My question is, is this what we should do? or should we just open a regular joint checking account for the money to go into after selling the house and the stocks.By the way the value of all this is about 650,000, these are the only things he had. Thanks in advance for any help on this.
2 Answers from Attorneys
Re: Living Trust Question
If you and your sister became the trustees of the family trust after your father passed away, you should acquire a new tax ID number and start a bank account in the name of the trust. The bank account should be in the name of the trust, not your and your sister's names as individual persons. The bank can help you set up the account. But first, you should probably consult with an attorney who can get you started on administering the trust, because the terms of the trust will determine how and what you should do with the trust property.
Re: Living Trust Question
I am very sorry to hear about your loss.
Many of the things you listed should have been handled by the attorney who formed the trust. Please take a look at the trusts and estates law we provide on our website at No-Probate.com.
Your best bet is to make an apointment with a T&E firm, such as ours, and have everything reviewed as soon as possible. We offer a one hour free consultation to look over everything for you. At that point we can tell you how to handle it and what is your best course of action.
We can be reached through our site or at the number and address provided by LawGuru.