Legal Question in Wills and Trusts in California
My parents had a trust. Included in it was an annuity with a value of $40,000. As executor of the trust, I contacted the out of state company to send the money, and they informed me that all of my paper work was in order, but that I needed a letter of Testamentary before they could release the asset. I requested the letter in the county in which my father died, and they informed me that I did not need a letter of testamentary. I argued with the out of state company for over a year before my attorney finally got them to release the money. Out of curiosity, who was right? me or they out of stat company? My attorney never did tell me how he got them to give in.
2 Answers from Attorneys
It isn't possible to answer this question without more facts/seeing all the paperwork, but the company was probably wrong!
I agree with Ms. Cusack. From what you have provided, no letter of testamentary was needed, because the annuity was owned by the trust and was therefore a trust asset. Letters testamentary are used for executors under a will, which is a different instrument. But there may be more to your situation than you are aware, which is the reason for any cautious answers here.
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