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My mother just passed away. She had a living trust that listed

My mother just passed away...
My mother just passed away. She had a living trust that listed her bank accounts in Bank of America, among others. She, however, apparently never actually went to the bank to put the accounts into a bank account under the trust name. What are my options as far as the legal power of the living trust documents? Should I just file for the affadavit to collect accounts? (her house, which i am living in, is named under the trust)
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Answered in 13 minutes by:
4/30/2013
Richard
Richard, Attorney
Category: Estate Law
Satisfied Customers: 55,790
Experience: 29 years of experience practicing law, including tax and estate planning.
Verified
Welcome! My goal is to do my very best to understand your situation and to provide a full and complete answer for you.

Good morning. Unfortunately, since the accounts were never actually transferred to the living trust during her life, you would not have authority under the trust agreement to access the money in the accounts. The trust agreement would only control assets that had actually been transferred to or put in the name of the trust. Thus, you will have to access those funds by presenting a Small Estate Affidavit to the banks.


This is the part of my job I don't like...when the law is not in favor of my customer. I wish I could tell you that the reference in the trust agreement to the accounts was sufficient, but, I can only provide you information based on the law so that you can act on the best available information to you. ………..I wish I had better news, but can only hope you recognize and understand my predicament and don't shoot the messenger. I'm sorry!



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Richard
Richard, Attorney
Category: Estate Law
Satisfied Customers: 55,790
Experience: 29 years of experience practicing law, including tax and estate planning.
Verified
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Thank you so much for the positive rating! I appreciate having had the opportunity to serve you! If I can be of assistance to you in the future, just look me up and I will be happy to help!
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Richard
Richard
Richard, Attorney
Category: Estate Law
Satisfied Customers: 55,790
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Experience: 29 years of experience practicing law, including tax and estate planning.

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