If a Will states that the remainder of the estate be added to a Living Trust, do bank accounts in the decedent’s name automatically go to the Trust?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
If a Will states that the remainder of the estate be added to a Living Trust, do bank accounts in the decedent’s name automatically go to the Trust?
As the successor Trustee, can I access these accounts immediately? Or do I need to go through some procedure to get them into the Trust? I am also the Executor, and am coming from out of state, so it is important to resolve things quickly.
Asked on September 8, 2011 under Estate Planning, California
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
I am so sorry for your loss, Have you been appointed as the Executor? Has the court appointed you as trustee? If the answer is yes then you have the power to act accordingly. AS for the bank account, one needs to read the Will and to review how the accounts are held. Is the a pour over Will, meaning that any asset not already in the trust named will "pour over" from the estate in to the Trust on the death of the decedent? Please let an attorney in the area review the documentation. You can fax him or her a copy of the Will and trust documents and all the other relevant info before you get to California. Good luck.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.