Legal Question in Wills and Trusts in California

Trust, bank accounts, and an annuity

My mother-in-law recently passed away. They had a trust in place for years. Before dying, she placed a substantial amount in an annuity, then put closed the ''Trust'' account. The remain funds went into 3 different accounts; one has beneficiaries, and the other 2 are in accounts that were in her name and my sister-in-laws name. The trust was never recinded...however, per the advice of a financial planner that assisted her in opening the accounts, she was under the impression that this placed the funds outside of the reach of the trust. Is that correct?

The grandchildren feel slighted, and are considering legal action. Do they have a legal leg to stand on?


Asked on 3/02/05, 1:14 am

1 Answer from Attorneys
Donald Field Donald L. Field, Jr., Attorney at Law

Re: Trust, bank accounts, and an annuity

if the title of the new accounts is anything other that that of the trust ("jane doe, trustee, doe revocable trust dated 01/01/01") then the owners are those shown on the accounts. for any types of accounts that have beneficiary designations or which are payable on death, the beneficiary/designee is entitled to the account.

if the the decendent was incompetent or under undue influence at the time of the transfers, it might be possible in some circumstances to rescind the transfers.

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Answered on 3/03/05, 10:37 am


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