Legal Question in Wills and Trusts in California
Probate
My mother passed away on May 3, 2009. She had a living Trust set up with my brother and I as the trustees once she passed away. After she ddied we realized that her stock account was not set up under the name of the trust. The Trust does reference the stocks and bonds. We need to get appointed by the court as co-executors. What is the process? Does this mean the stock account has to go through probate?
4 Answers from Attorneys
Re: Probate
Check with the institution to see who your mother designated as beneficiary of the account. If she named you and/or your brother, the stock account will pass directly to the designated beneficiary and not have to go through probate.
Re: Probate
You might be able to avoid probate still. Often a "Heggstad petition" can get assets into a trust even if the trust does not mention them. For example is there a statement of general intent for all assets to be a part of the trust? Or any action taken by your mom to get the account into the trust? A Heggstad petition, if successful, is much quicker and less costly, than a full probate. Call me to discuss. I handle these petitions throughout California. Call me. -John
Re: Probate
Good question! An experienced trust administration attorney can request the court to treat the stocks and bonds as tho they were owned by the trust. This is a special kind of procedure and might work in your case. THIS IS NOT A DO IT YOURSELF TASK! I urge you to consult with a local attorney. best, Roberta Avrutin, Beverly Hills, CA
Re: Probate
It really depends on the county in which your mother resided. Consult a local attorney.
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