another quick living trust qiuestion

[legalese]

Connecticut. Thanks your quick replies on my "Do i need to do this" thread.

I had one other quick question. on her main bank her accounts have just been funded to her living trust, but she has a few other banks, My name ( I am her son) is on all of those other bank accounts. Should I have those accounts funded to her living trust even though my name is on those accounts or will I still have to go through probate? Thanks

legalese

 

[Zigner]

Please keep your related questions in the same thread. Thanks.

 

[anteater]

And, if you do...

Please explain exactly what you mean by:

My name ( I am her son) is on all of those other bank accounts.

As a joint owner? With survivorship rights? As a pay on death beneficiary? As what is often called a "convenience user?"

 

[legalese]

As a joint owner but I don't know about survivorship rights, I better check I guess. If I don't have survivorship rights you think I need to add it to the trust?

legalese

 

[anteater]

As a joint owner but I don't know about survivorship rights, I better check I guess. If I don't have survivorship rights you think I need to add it to the trust?

legalese

It's likely that there is a right of survivorship. If so, you become the sole owner when your Mom passes away. Those accounts would not be probate assets.

 

[curb1]

1) Make sure you have survivorship rights.

2) Don't put it into the trust.

 

[TrustUser]

it depends on what your goals are ?

as someone who uses trusts to their fullest, i of course like them.

those assets that are in trust, and stay in trust after the trustor dies, can have safety against your creditors, that your own assets can not have.

so there is more to trusts than simply probate-avoidance vehicles.

when used in this way, the trust basically becomes a pension account for the beneficiary.

however, it also sounds like these other bank accounts probably dont have much of a balance ?

if so, it wont make much difference if not in trust.

if they are not placed in trust, then do as advised - make sure that the account is automatically yours, when your mom dies.

just make a call to the bank. or go down there with your mom, if the bank wont talk to you over the phone.

 

[TigerD]

I took a quick look at the OPs threads.

These folks need to make an appointment with an estate planning attorney. I'm willing to bet that the trust is not adequate for the OP's family's goals.

Paying someone to do it right is much less expensive than screwing it up.

DC