Legal Question in Wills and Trusts in Texas
My widowed father recently passed away at 91. His entire estate is in a revocable living trust with the sole exception of a $4000 checking account. I, his son, had POA and I am now trustee. What becomes of the checking account? Certainly it won't have to be probated?
1 Answer from Attorneys
Most living trusts contain "pour over" wills that catch any assets (such as a bank account or after acquired assets) and pour them into the trust. It's a good idea to probate the will anyway, just in case there are other assets floating around.
As for this account, check with the bank, as the account may have had a beneficiary designation (Payable on Death/POD or Transfer on Death/TOD). If so, then probate isn't necessary for that specific account (but still a good idea, see above.)
You cannot use the POA once the power grantor dies.
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