Money outside trust and will?

[barbiebarb56]

What is the name of your state? California

I have a question. What happens to money that is not included in the trust or in the will? Does it automatically go into the trust or does it become a probate issues? It is a substantial amount of money.

 

[anteater]

If it is not titled in the name of the trust and it is not specifically bequeathed in the will, then it falls under the will's residuary clause.

(Any asset that is not in a trust or transferred by joint ownership titling or covered by a beneficiary designation is a probate "issue." Probate is the legal process of carrying out a will's instructions or, if there is no will, the state's intestate succession law.)

 

[seniorjudge]

What is the name of your state? California

I have a question. What happens to money that is not included in the trust or in the will? Does it automatically go into the trust or does it become a probate issues? It is a substantial amount of money.

Where is the money? That is, is it in an account? Laying around in cash?