Lost trust documents?

[Lanearas]

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

We have recently learned that following the death on my mother in law's long term boyfriend, he left a certificate of deposit behind set up in a trust, and according to the bank holding the CD, my wife and I are listed as successor trustees.

The bank is requesting copies of the death certificate, our IDs and a letter of instruction on how to address the funds (no problem there), plus a copy of certain portions of the trust document. This is the rough part, as no one knew that the account or the trust even existed until this week. (He passed away in March.) He did leave behind a will, which is being handled by his sister as executor, but it does not state anything about a trust and there are no other documents left behind.

Absent the trust document, what are our options / next step? The bank is not being particularly helpful with advice or alternatives.


Thank you! Tom

 

[curb1]

Something smells. Almost always, the financial institution requests a copy of either the entire trust or the "Certification and Memorandum of Trust" before titling any account or product in a trust. The bank should have this documentation.

 

[TrustUser]

or, i have had it where the institution asks you to fill out their form. but as curb1 said, never have i seen one set up a trust account without some documentation, that they are supposed to keep on file.

most of the time what one needs to show is :

1) first page, with trust title

2) page showing trustee and successor trustee

3) page showing the particular power needed to do that sort of transaction (i.e. banking powers at a bank, brokerage powers at a stock firm, etc.)

4) final page, showing notarized signature of trustor.

i will give them anything they want, except the page showing beneficiary - most people want that to be private, and it is no business of the institution.

 

[Dandy Don]

Have you discussed this with his sister? It's possible she might have information about the trust document if she has access to his personal papers. If an attorney helped to prepare the will, ask the attorney if he knows anything about the trust as he may have helped prepare that. Check county court records online under the man's name to see if he owns any property (land, real estate) that is titled in the trust's name.

I'm wondering why the bank didn't contact HER unless they did not know she was executor of the estate.

It's also possible that a trust was never set up--he could have intended to set one up and never got around to it.

You may want to consult with a trust attorney before you contact sister to figure out if there are any options you have. First thing you need to do is check at the county courthouse probate court to see IF the will has been filed--if it has been, you can get a copy of it--find out if YOU are named as beneficiary in that.

Fact that you are listed as successor trustees is not really relevant as you would only be managing the trust when the primary trustee died--you need to be asking the bank if there are any BENEFICIARIES designated for the CD and whether he filled out a beneficiary designation form. If he did not designate beneficiares, then this money will go into the estate. Ask how the cd is specifically titled.

DANDY DON IN OKLAHOMA ([email protected])