Bank Accounts

[freebot]

What is the name of your state (only U.S. law)? California.

Hi, I'm the trustee, beneficiary to my Mother whom just passed. She had numerous bank accounts, 3 checking, 1 savings and 1 investment CD which matures 10/25/10. My name "is" on all the accounts. Should I remove my Mother from the accounts and keep them in my name? What's the best option if any?

The savings has 50K, the Investment CD has 105K and the checking accounts all have 15k combined.What is the name of your state (only U.S. law)?

 

[tecate]

Why are you putting " " around is?

 

[curb1]

How is your name on the accounts? What has the bank said about this? Are there any other beneficiaries? Are the accounts in the trust, or outside of the trust?

 

[freebot]

Why are you putting " " around is?

No reason.

 

[freebot]

How is your name on the accounts? What has the bank said about this? Are there any other beneficiaries? Are the accounts in the trust, or outside of the trust?

When she found out she was ill she placed me on the accounts. Haven't spoken with the banks yet, I'm waiting for the Death Certificates. I'm the only beneficiary and the accounts are in the trust.

 

[curb1]

Talk to the bank. If you leave the accounts in the trust too long there will be more tax paperwork. $600 in trust income will make more accounting obligations for the IRS.

Were there other assets titled to the trust?

 

[Zigner]

If her name is on the account as a co-owner, then the ownership of the accounts passes to her and not the trust.