TrustProblems
Member
What is the name of your state (only U.S. law)? California
My sister transferred a bank CD that was in the trust to a power of attorney (POA) checking account at the same bank. She was told a POA account can't be in the trust but would transfer to it at death. The account was setup this way with her name on it I believe, so she could write checks for him for things he may need.
My father passed away. The bank now says the POA checking account will not transfer to the trust and must go through probate as it is too large for the pour over will amount to avoid probate.
My sister says another account at another bank was set up the same way and it transferred at death to the living trust.
Questions:
1. Is there anything we can do to avoid probate now ?
2. Is this a bank policy with POA type accounts that they vary how they transfer at death per bank/account policy ?
3. Any other ideas or suggestions ?
Thanks!
My sister transferred a bank CD that was in the trust to a power of attorney (POA) checking account at the same bank. She was told a POA account can't be in the trust but would transfer to it at death. The account was setup this way with her name on it I believe, so she could write checks for him for things he may need.
My father passed away. The bank now says the POA checking account will not transfer to the trust and must go through probate as it is too large for the pour over will amount to avoid probate.
My sister says another account at another bank was set up the same way and it transferred at death to the living trust.
Questions:
1. Is there anything we can do to avoid probate now ?
2. Is this a bank policy with POA type accounts that they vary how they transfer at death per bank/account policy ?
3. Any other ideas or suggestions ?
Thanks!