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Andrea, Esq.
Andrea, Esq., Attorney
Category: Legal
Satisfied Customers: 11735
Experience:  25 yrs. experience in family law, estates, real estate, business law, criminal defense, immigration, and employment law.
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Am I breaking the law if I transfer an account over $100,000

Customer Question

Am I breaking the law if I transfer an account over $100,000 into a trust after the grantor of the trust is deacesed. (California) The bank is willing to do so even though the account is over $100,000 as long as 40 days has elapsed.
Submitted: 5 years ago.
Category: Legal
Expert:  Andrea, Esq. replied 5 years ago.
<p>Good Evening, </p><p> </p><p>Thank you for choosing JustAnswer. I will be glad to help you. I will need a bit more information</p><p> </p><p>1) Who is the beneficiary of the trust?   </p><p>2) Is the beneficiary related to you?    </p><p>3) Does the "40 days" refer to 40 days after the date o death of the grantor? </p><p>4) Why does the bank require 40 days to have elapsed? </p><p> </p><p>I will await your reply.</p><p> </p><p>ANDREA - Attorney at Law * Legal Expert</p>
Customer: replied 5 years ago.
I, and my siblings are the beneficiaries of the trust. The 40 days is after the date of my father's death. I can only assume the bank is making me wait the forty days, under the small estate probate laws of California. Clearly, the estate outside the trust is over the $100,000 dollar limit of the "small estate" rules, because the account is over $100,000. I have an appointment at the bank tomorrow, they will allow the transfer but I'm concerned that their attorneys are wrong to let me do so, and that I may be breaking the law if I choose to procede.
Expert:  Andrea, Esq. replied 5 years ago.

Thank you for your quick reply.

 

Please give me a few minutes so I can double check this and I will be back to you within 30-45 minutes.

 

Since we are only given a few minutes to answer before allowing anther expert to jump in, if this happens, please be kind enough to say that I am researching the answer.

 

Thank you.

 

Andrea

Customer: replied 5 years ago.
I would like an attorney that has experience in California estate and trust experience to answer this question. My attorney says there are case precidences that allow after death transfers of estates over $100,000 if it was the intention of the grantor to transfer the asset into the trust before death. It was my father's intent to transfer all of his assets into the trust before his death, however he passed before we could accomplish this. It was a last minute trust done while my father was ill in the hospital and he realised that he may be out of time to do after death estate planning.
Customer: replied 5 years ago.
Andrea, I am willing to allow you to answer this question exclusively if you can access the information needed to answer fully.
Thanks
Expert:  Andrea, Esq. replied 5 years ago.

Thank you for your patience,

 

You are absolutely correct and the bank's attorneys are wrong. The relevant section is California Probate Code Section 13100 which I have printed for you below

 


13100.

Excluding the property described in Section 13050, if the gross value of the decedent's real and personal property in this state does not exceed one hundred thousand dollars ($100,000) and if 40 days have elapsed since the death of the decedent, the successor of the decedent may, without procuring letters of administration or awaiting probate of the will, do any of the following with respect to one or more particular items of property:
(a) Collect any particular item of property that is money due the decedent.
(b) Receive any particular item of property that is tangible personal property of the decedent.
(c) Have any particular item of property that is evidence of a debt, obligation, interest, right, security, or chose in action belonging to the decedent transferred, whether or not secured by a lien on the property

 

As you can see the gross value of the estate cannot exceed $100,000. Since you have stated that the estate is worth more than $100,000, then you cannot rely on the "small estates rule" to transfer the money into the trust.

 

The California Probate Code does not say that if the transfer is $100,000 or less; it clearly states that the Gross estate may not exceed $1000,000.

 

So, when you meet with the bank tomorrow, tell them you "cannot reconcile Section 13100 with the advice of your attorneys".

 

Even if they insist they are correct, I would strongly suggest you wait the 40 days, probate the estate according to law, otherwise, otherwise you are opening yourself up to

significant legal ramifications.

 

If you have other information you want me to consider, or have questions in the future, please feel free to ask for me.

 

 

Thank you again and Good Luck!

 

ANDREA Attorney at Law & Legal Expert

 

 

Andrea, Esq., Attorney
Category: Legal
Satisfied Customers: 11735
Experience: 25 yrs. experience in family law, estates, real estate, business law, criminal defense, immigration, and employment law.
Andrea, Esq. and 2 other Legal Specialists are ready to help you
Expert:  Andrea, Esq. replied 5 years ago.

Thank you for your patience,

 

You are absolutely correct and the bank's attorneys are wrong. The relevant section is California Probate Code Section 13100 which I have printed for you below

 


13100.

Excluding the property described in Section 13050, if the gross value of the decedent's real and personal property in this state does not exceed one hundred thousand dollars ($100,000) and if 40 days have elapsed since the death of the decedent, the successor of the decedent may, without procuring letters of administration or awaiting probate of the will, do any of the following with respect to one or more particular items of property:
(a) Collect any particular item of property that is money due the decedent.
(b) Receive any particular item of property that is tangible personal property of the decedent.
(c) Have any particular item of property that is evidence of a debt, obligation, interest, right, security, or chose in action belonging to the decedent transferred, whether or not secured by a lien on the property

 

As you can see the gross value of the estate cannot exceed $100,000. Since you have stated that the estate is worth more than $100,000, then you cannot rely on the "small estates rule" to transfer the money into the trust.

 

The California Probate Code does not say that if the transfer is $100,000 or less; it clearly states that the Gross estate may not exceed $1000,000.

 

So, when you meet with the bank tomorrow, tell them you "cannot reconcile Section 13100 with the advice of your attorneys".

 

Even if they insist they are correct, I would strongly suggest you wait the 40 days, probate the estate according to law, otherwise, otherwise you are opening yourself up to

significant legal ramifications.

 

If you have other information you want me to consider, or have questions in the future, please feel free to ask for me.

 

 

Thank you again and Good Luck!

 

ANDREA Attorney at Law & Legal Expert

 

 

Customer: replied 5 years ago.
Relist: Other
I just want to thank Andrea. I can never seem to get a straight answer from the attorney who wrote the trust. His answers never seem to reconcile with what I can read for myself in black and white.

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