Legal Question in Wills and Trusts in California

Revocable Trust and IRA's

I am a co-trustee of an irrevocable Trust. there are two of us. I got the house and its contents (minus some stated items) and the other co-trustee recieved the money ( money market accounts the checking and saving account) The question comes up now that there were some IRA''s. These were not inculed in the Trust. I am listed as a benificiary on one of the IRA's. The bank has contacted me and I have sent in the reqired paperwork. Recently my co-trustee has stated that this money is NOT mine. As she was the benficiary of the money and I got the house. BOA informed me that the IRA's and the Trust are different and seperate items. I am bineg hounded and never so gently threated with court that this is not my money and I need to sign it over to her ASAP so she can get on with life. I need to know if I am bound to give her the money or as stated by the bank take it as my own and not worry about my co-trustee. as she has no legal claim. Please advise. Kindest regards,---


Asked on 1/13/09, 4:35 pm

2 Answers from Attorneys
OCEAN BEACH ASSOCIATES OCEAN BEACH ASSOCIATES

Re: Revocable Trust and IRA's

If you need a letter from an attorney to the co-trustee stating an opinion which would likely be in agreement with the bank's, then contact me directly.

Read more
Answered on 1/13/09, 4:56 pm
Scott Linden Scott H. Linden, Esq.

Re: Revocable Trust and IRA's

Items with named beneficiaries are ususally not considered part of a trust. Otherwise the trust itself would be named the beneficiary.

If you would like some assistance, please feel free to contact me at the information provided by LawGuru or through our firm's website at PasadenaEstatePlanning.com.

Scott

Read more
Answered on 1/13/09, 5:14 pm


Related Questions & Answers

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