Legal Question in Wills and Trusts in Oklahoma
My father passed away 7/25/10. His will leaves everything to his trust, but he never had an account titled in his trust name. Can we open an account now in the name of his trust if we have a tax ID# for it? One bank told us we could not. We have received a check from a life insurance company payable to the trust, in which all 3 of his kids are equal beneficiarys, but we can't cash it. Help!
1 Answer from Attorneys
Not once he is dead. Was the check made payable to all three or to your father's estate? Of it is made payable to the estate, then you may have to go through probate to set up an account. Your dad's bank should cooperate with you.
Probate could be short if his estate is less than $150,000.00. You just have to work with the investment company or the insurance company.
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