hi steve,
i am a trust person.
so imo you want to get everything in trust, so that it does not go thru probate.
it sounds like this bank account may actually be legally considered to be part of the trust.
so it wont go thru probate.
i am curious as to who is considered to be the trustee on this account ?
at this point, i would go to a bank officer, and ask them who is the trustee on the account. and if it is legally an account of the trust ?
bank accounts, of course, can have a pod attached, that it can also escape probate.
there are multiple reasons to have an a/b trust, not just because of the amount. but at this point for you, it is a moot point.
if you are selling her assets, and depositing into the trust account, then there is no need to worry about anything, since the goal is to have nothing left in your mom's name.
if your mom's estate has nothing, there is nothing to probate.
as far as making out the check, i think your mom's name is correct, since the asset at time of sale is owned by your mom as an individual (i am assuming).
then that check could be deposited in your trust bank account, with your mom signing, or you signing for her as her poa.
what now concerns me is the amount of funds that could be in this account, and the amount of funds that has fdic insurance ?
if you are left with uninsured funds, i would think hard on setting up multiple trust accounts at various institutions, so that it is completely insured.
i am now more confident that there wont be any unwelcome surprises down the road after your mom passes.
i am a trust person.
so imo you want to get everything in trust, so that it does not go thru probate.
it sounds like this bank account may actually be legally considered to be part of the trust.
so it wont go thru probate.
i am curious as to who is considered to be the trustee on this account ?
at this point, i would go to a bank officer, and ask them who is the trustee on the account. and if it is legally an account of the trust ?
bank accounts, of course, can have a pod attached, that it can also escape probate.
there are multiple reasons to have an a/b trust, not just because of the amount. but at this point for you, it is a moot point.
if you are selling her assets, and depositing into the trust account, then there is no need to worry about anything, since the goal is to have nothing left in your mom's name.
if your mom's estate has nothing, there is nothing to probate.
as far as making out the check, i think your mom's name is correct, since the asset at time of sale is owned by your mom as an individual (i am assuming).
then that check could be deposited in your trust bank account, with your mom signing, or you signing for her as her poa.
what now concerns me is the amount of funds that could be in this account, and the amount of funds that has fdic insurance ?
if you are left with uninsured funds, i would think hard on setting up multiple trust accounts at various institutions, so that it is completely insured.
i am now more confident that there wont be any unwelcome surprises down the road after your mom passes.