lovchristina
Junior Member
What is the name of your state? California
My father drew up a living trust in 2004 in which he is the beneficiary and trustee. As his only child I was appointed successor trustee. Recently, he has been spending much time in the hospital and doctor's believe he may not survive. I recently picked up his copy of the trust and noticed that it does not list any of his assets or anything to go under the trust. Is this normal? Does transferring the title of house and such make it so his property is covered by his living trust? He also never transferred any of his property (1 house, 2 businesses, and 1 vehicle) formally to reflect it being in the trust with any of the agencies such as title to car. I am obtaining POA so that I may be able to do this now while he is alive. How do I get the businesses to be protected under the trust? Is this even possible? Banks will not put his business accounts under a name of the trust because they can't. The only financial banks he has are business accounts and I am concerned about being able to access these on his death immediately. I do not want to have to wait the usual 45 day period of time. 1 business is sole proprietorship and he uses this bank account as his personal as well. The other business is an LLC in which he is the only signer and it WILL need to be managed upon his death sooner than 45 days. Any help is much appreciated.What is the name of your state?
My father drew up a living trust in 2004 in which he is the beneficiary and trustee. As his only child I was appointed successor trustee. Recently, he has been spending much time in the hospital and doctor's believe he may not survive. I recently picked up his copy of the trust and noticed that it does not list any of his assets or anything to go under the trust. Is this normal? Does transferring the title of house and such make it so his property is covered by his living trust? He also never transferred any of his property (1 house, 2 businesses, and 1 vehicle) formally to reflect it being in the trust with any of the agencies such as title to car. I am obtaining POA so that I may be able to do this now while he is alive. How do I get the businesses to be protected under the trust? Is this even possible? Banks will not put his business accounts under a name of the trust because they can't. The only financial banks he has are business accounts and I am concerned about being able to access these on his death immediately. I do not want to have to wait the usual 45 day period of time. 1 business is sole proprietorship and he uses this bank account as his personal as well. The other business is an LLC in which he is the only signer and it WILL need to be managed upon his death sooner than 45 days. Any help is much appreciated.What is the name of your state?