Legal Question in Wills and Trusts in California

If a person dies with a Will and a Living Trust but the only asset listed is their property, what happens to their bank accounts?


Asked on 3/28/13, 1:25 pm

2 Answers from Attorneys

Scott Jordan Jordan Law Office

Are there any beneficiary's listed on the bank accounts?

To transfer the money, the bank will probably require Letters of Testamentary which means probate will be required. Is the balance of the accounts combined over $150,000? If not, you can probably do a small estate probate. If they are, you will need full probate to gain access to the accounts.

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Answered on 3/28/13, 1:46 pm

IF there are designated beneficiaries of "pay on death" clauses or the like on the accounts, the funds are distributed to those named persons. If not the question becomes whether or not there is evidence of intent to put other assets into the trust during the testator's lifetime. If so, you can file an abbreviated proceeding in the Probate Court to have them transferred to the trust. If not, then you have to turn to the Will to find out how assets are distributed and that will require either a small estate probate or a full probate, as Mr. Jordan mentioned.

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Answered on 3/28/13, 2:07 pm


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