Legal Question in Wills and Trusts in California
trust certificate
I have a couple of questions. 1.If there is a living trust and one spouse dies and the bank wants
a trust certificate for the surviving spouse, does the bank also get a certificate of death,2. does the account title stay in the name of the original trust,3. and can the surviving spouse change the successor trustee evevn though there are trustee's named in the deceased clause,4. and can the surviving spouse change the donative gifts in a new amendment.
2 Answers from Attorneys
Re: trust certificate
1. Yes.
2. It depends on the terms of the trust.
3. It depends upon the terms of the trust and the performance of the successor trustees.
4. It depends upon the terms of the trust.
Re: trust certificate
1) They may ask for a death certificate, but it shouldn't be necessary. The certication of trust will show that now there is only one trustee instead of two.
2) The title should change to just you, as trustee of the living trust.
3) Normally, the surviving spouse has the power to amend or revoke the trust. However, you have to be careful to read the trust document to see if the surviving spouse does have the power. It is best that the trust gives the surviving spouse to revoke or amend the trust as to the entire trust corpus. If that power is there, then the surviving pouse can change the successor trustees as well as the gifts and beneficiaries as well.
To make sure, have an attorney take a look at the trust document.
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