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Dimitry K., Esq.
Dimitry K., Esq., Attorney
Category: Legal
Satisfied Customers: 36956
Experience:  Multiple jurisdictions, specialize in business/contract disputes, estate creation and administration.
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My father became seriously ill without forming a trust. He

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My father became seriously ill without forming a trust. He signed power of attorney to me while he was in the hospital. I had the attorney write up and record a trust at my fathers request. We were able to change ownership of his home into the trust along with some bank accounts. He passed away before I was able to put other property into the trust (vehicles and 2 other accounts). The total value outside of the trust is well over $100,000 One bank is willing to put the account into the trust tomorrow. (He will have been gone for 40 days.) Another bank will not, and says it must be probated under California law. Both banks account are over $100,000. Which bank is correct, the one that is willing to change ownership of the account after death, or the one that says it must be probated because the estate is over $100,000? Also, if I'm able to transfer assets after death, why does the one bank need me to wait 40 days?
Submitted: 4 years ago.
Category: Legal
Expert:  Dimitry K., Esq. replied 4 years ago.
Let me try to assist you first with the 40 days questions:

The asset which is not in the trust may require probate if it was not properly transferred into the trust before death. As per California statutes, assets outside of the living trust which do not exceed $100,000 do not require probate, and may be transferred through affidavits, minus a few limitations (joint ownership, etc...). To do so, the trustee must wait for 40 days to elapse from the decedent's date of death.

Be aware however, that if there is more then $100,000 outside the trust (as it appears to be in this case), as per California law, probate of those assets will be required before they are allowed to be transferred into the trust which is most likely why the banks are balking at the transfer. In that situation, the banks are correct in now allowing the transfer to occur--however, if the transfer should have taken place before (the signature on the transfer form is pre-death) then they must transfer the proceeds.

Sincerely,

Dimitry Alexander Kaplun, Esq.
Dimitry K., Esq., Attorney
Category: Legal
Satisfied Customers: 36956
Experience: Multiple jurisdictions, specialize in business/contract disputes, estate creation and administration.
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