Legal Question in Wills and Trusts in California
What does a trustee need to do to amend the beneficiary's name on a LifeTime Benefit Trust Money Market Bank Account in Calif.? I was informed that an attorney is not officially compulsory because the trustee would simply be required to provide the documents verifying identification of the beneficiary to amend the name directly at the bank. Is that correct?
1 Answer from Attorneys
As usual the bank is trying to give legal advice instead of attending to their own knitting. You are best advised to consult an estate planning attorney to review your trust, to determine if amending the trust to appropriately name the intended beneficiary, or change beneficiaries is required. With that amendment, you then have something concrete to show the bank, regarding the change you are requesting on the bank records, including any additional identification required by the bank re the change of beneficiary designation.
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