Legal Question in Wills and Trusts in Nevada
Living Trust - Need to Transfer Assets After Death?
Both of my parents are recently deceased and their house, cars, checking accounts & investment account were all in their Living Trust with myself and my sister as co-trustees. I am solely named Trustee in their Wills.
Question 1: Do I need to change the titles/ownerships of each of these assets to my name or can I leave them in the ''Trust'' for a few years until I sell these assets off? I have actually moved into their house.
Question 2: Also, I am able to get out the money/manage the bank and investment accounts online because I was provided the usernames & passwords. Is it OK to withdraw the funds from these accounts and distribute them per the Trust's instructions?
1 Answer from Attorneys
Re: Living Trust - Need to Transfer Assets After Death?
If you are the Successor Co-Trustee you leave everything in the Trust name until distribution. You may be subject to a Petition under NRS 153.031 if you don't keep an accounting of what you do insofar as expenses incurred and distributions out of the Trust. If the trust owns accounts you can manage them with your sister as well on line using the passwords. However the account providers should be given certified copies of death certificates and a copy of the trust showing your Successor Trustee status so they can update their files and give you proper signature cards. Any real estate should be handled in accordance to the Trust distribution instructions.
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