Legal Question in Wills and Trusts in Nevada
Living trust, bank accounts in two different states
My mother in law will have bank accounts in two different states when we set up her living trust. She lives in NV, but has bank accounts in WY. How do we include those bank accounts in the trust? Will this be a problem? Also, if she has no property accept cars, but a bank account of $200,000 and has given a personal loan of $50,000 to a family member, does she even need a trust?
Thank you
2 Answers from Attorneys
Re: Living trust, bank accounts in two different states
The bank account will be disbursed by the Wyoming bank to whomever is authorized in writing to receive funds. This is usually done by the signature card on file with the bank. When a successor trustee assumes the responsibility for the trust settlor's funds, upon her death or incapcity, the bank will need to have proof of the trust and the authority of the person nominated as successor trustee. You lawyer can prepare this legal document, as well as other important estate planning instruments.
Re: Living trust, bank accounts in two different states
Lots of people have bank accounts in different states from their trusts. A trust is like a person it can hold property anywhere. Insofar as needing a trust I would recommend it. She could do payable on death or joint tenancy accounts. However, a living trust with a pourover will and durable powers of attorney for financial and medical decisions along with a directive to physicians is the smart thing to do. Otherwise, her estate could land in probate or guardianship courts.
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