Frequently Asked Questions (FAQs)
Bank Accounts
My mother recently died. She had a small bank account solely in her name. Will I need to go to court for an order appointing me as the executor in order to close the account?
That’s often what the bank will tell you. But the bank is probably wrong.
How can I hold title to my bank accounts so that they will avoid probate?
There are two ways to hold title to a bank account so that no probate will be required on your death
Should I add my children’s names to title on my bank accounts?
Adding a child’s name to an account as a joint tenant is a very common method for not only avoiding probate...
Isn’t it easier to just name my children as the beneficiaries on my bank accounts rather than to re-title my accounts in my name as Trustee of my living trust?
Such a “payable on death” account is referred to as a “Totten Trust”.
If I decide not to re-title my bank account in my trust, is there a way to allow my children access to my bank account without making them co-owners?
Yes, through a power of attorney. Most general powers of attorney, discussed in the FAQ regarding powers of attorney...
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FAQ Categories
- Living Trust
- Living Trusts and Probate
- Funding a Living Trust
- Bank Accounts
- Powers of Attorney
- Conservatorships and Guardianships
- Alternatives to Conservatorships and Guardianships
- Medicare and Medi-Cal (Medicaid)
- Probate
- Taxes
- Disqualified Beneficiaries
- Joint tenancy, Community Property, Domestic Partnerships