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Some Help! On a Last Will, testatrix send all assets to

Resolved Question:

Some Help!

On a Last Will, testatrix send all assets to a living trust. After 3 months, named on his bank accounts a co-holder, that co-holder isn't, part on trust.

So, the co-holder, has to send the money to trust?

thks
Submitted: 5 years ago.
Category: Legal
Expert:  Attorney 1 replied 5 years ago.

Attorney 1 :

Hello, and welcome to JustAnswer!

Attorney 1 :

I'm going to need some clarification so that I can provide you with a meaningful and helpful response. Am I correct in that a trust has been created, and that you are wondering how to move assets into it/fund the trust?

Customer:

hi

Attorney 1 :

Hi.

Customer:

Well, yes in January was created (settled) a trust and a will,

Customer:

in the will, were sent all assets of testatrix

Attorney 1 :

Normally, there would not be a will and a trust. The two are contradictory concepts. Did an attonrey do this for you?

Customer:

to the trust

Customer:

nop, im a lawyer in mexico

Attorney 1 :

OK, great. I'm happy to be speaking with a lawyer.

Customer:

one of my clients made a will for sis mexican assets

Attorney 1 :

Why the two different documents?

Customer:

on other for the US assets

Customer:

Im glad too

Attorney 1 :

Got it. Thanks for the clarification. And you want the bank account in US to be tranferred to trust ownership ?

Customer:

nop

Customer:

is just that

Attorney 1 :

??

Customer:

For the US assets he made a will, that dispose all his US assets shall be sent to the trust


 

Attorney 1 :

Is the testator still allive?

Customer:

but, 3 months after the trust, he named a co holder

Customer:

on his banks accounts

Customer:

no just past away 2 months ago

Customer:

that co- holder

Attorney 1 :

Did he change his will?

Customer:

isn't part of the trus

Customer:

no

Attorney 1 :

What do you mean that he named a co-holder?

Customer:

just, named on his baks accounts a co-holder

Customer:

co-owner

Attorney 1 :

He made his accounts joint accounts with someone else?

Customer:

another person with the ownerships on the accounts

Customer:

yes

Customer:

he did

Customer:

its confused to me

Attorney 1 :

Do you know how the accounts were held, specifically? For instance, did he add a co-signor, or did he actually add a joint owner to the accounts

Customer:

because that change on bank accounts was 3 months after the living trus

Customer:

joint owner

Attorney 1 :

How do you know this?

Customer:

not just the sign

Customer:

well, i´m in the middle of this

Customer:

i´m in charge to execute mexican will

Attorney 1 :

I understand, but I mean how did you come to get the information? Is there any documentation about the account change that you were given?

Customer:

and the ¨cowner¨ shame those papaers

Customer:

indeed

Attorney 1 :

Sorry. I need clarification as to your last post, please.

Customer:

showme

Customer:

my mistake

Attorney 1 :

Who showed you what, exactly.

Customer:

The co owner of bank accounts

Customer:

i mean the will, and the trust

Customer:

and the banks papers

Attorney 1 :

OK, so to clarify the ground we've covered so far, your client made a will in Mexico that pertained to this recent death, and the person that passed away had assets in Mexico and assets in the US. He also created a trust into which his US assets (bank accounts were to go upon his death, and that was to cause the funding of the trust. Since the time these documents were created, the man changed his US bank accounts that were originally going to go to the trust upon his death, to joint accounts with right of survivorship with someone else, so now those accounts cannot be transfered into the trust. Is this correct, so far?

Customer:

Exactly

Attorney 1 :

Great! So, who owns the accouns now?

Attorney 1 :

accounts, sorry.

Customer:

The ¨co-owner¨a living one! so is there any chance to touch this money

Attorney 1 :

Only if the person who now owns the money wants to make a gift to the trust.

Attorney 1 :

Are there any other assets that are to be transferred into the trust?

Customer:

I think, that for the bank, there won't be any trust, because there is an owner

Customer:

no, just money

Attorney 1 :

The bank accounts won't be able to be transferred into the trust, that is correct, under the ownership information you have provided.

Attorney 1 :

Is there any chance that there is a misunderstanding as the the rights this person has to the accounts.

Customer:

Thats what i thought

Customer:

I´m gona verify that

Attorney 1 :

Are you sure, also, that all accounts have changed character?

Customer:

but, its kind of messy, because that person´s name isn't in the trust

Customer:

so far, I'm pretty sure, but I'm going to take a look again to the baks documents

Customer:

banks

Attorney 1 :

That doesn't make it messy, you just have to determine who owns the money, legally, and then go from there.


Once you check, if you determine that either the person was really just a co-signor, or was a joint owner with no right of survivorsip, there will be money to transfer to the trust. In the latter example, 1/2 ownership in the account would be transferrable to the trust, according to the provisions in the will. If just a co-signor, the entire amounts would be tranferrable. Also, if there were accounts onto which this person was not added, but were included in the will, they would need to be transferred to the trust.

Attorney 1 :

If you decide that there are accounts to transfer, and you need help with the steps to take to get it done, you can post a new question on JustAnswer and begin it with "FOR ATTORNEY 1" and it will be sent directly to me. I would be very glad to help you with that process if you like.

Customer:

What´s a survivorship right?

Attorney 1 :

It means that the moment one of the persons die, the other person is the automatic owner of the entire account. If not held this way, the surviving owner would still own 1/2 of the account, but ownership of the other 1/2 would go to the persons or entities named in a will.

Customer:

because, it may be, that its only co´signor, but I'm not sure about this survivorship clause

Customer:

ok

Attorney 1 :

The bank will be able to let you know.

Customer:

Yes because, on the trust I'm part of trust comitee

Attorney 1 :

A cosigner would have no ownership rights in the account. You will want to find out right away, before the person thinks he/she owns the money and spends it all. Also, the bank needs to be immediately notified of this person's passing, so they can lock the account, if appropriate.

Attorney 1 :

Rmember to begin new questions to me with "For Attorney 1"

Attorney 1 :

Best of luck!


If you need more information, just let me know and I will be happy to continue to assist you.


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Customer:

And, i´m only trying to

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