My mother has told me that if even one of her bank accounts, automobiles, etc. is not included in the framily trust, everything would be thrown into probate at the time of her death. Today she opened up a money market account. The bank told her not to be concerned about having my sister and I fill out a family trust form so she had them put my name on the account as co-owner. The bank told her that at her death, no death certificate would be needed; I would just close out the account and divide it with my sister. Should I be concerned that family trust forms were not part of the application process?
2007-09-06 11:35:04 · 3 answers · asked by Punky Do 3 in Business & Finance ➔ Personal Finance
well, it is not true about the fact that even one bank accounts or automobiles is not included in the family trust, everything would be thrown into probate. It is just the assets not in the trust will thrown into probate. About the bank account, the bank is correct. There is no concern that family trust forms were not part of the application process. The bank account is a joint account with your mother. The joint account means suvivorship, so upon her death, you have full control of the account. It is up to you divide the money with your sister. Ask you the attorney who did the trust for you mother too.
2007-09-06 11:47:41 · answer #1 · answered by Matrixcm 3 · 0⤊ 0⤋
A kinfolk believe which include it incredibly is an extremely sturdy concept for older people considering or easily married. it protects the sources accummulated in the previous the marriage that are then dispensed to the youngsters and different individuals. you're having thoughts a pair of very sound monetary determination. There ARE issues besides the undeniable fact that. You suggested "on each and every occasion he gets added money. he places it in the believe account". i might could understand from what resource that 'greater advantageous' money is derived in the previous i'm able to propose extra. EDITED in accordance with added information: The furnishings, if no longer offered for the time of the marriage, is separate belongings and not switched over for the time of the marriage. as a result, he has each and every appropriate to place the monies won into the believe. a similar is actual for something offered in the previous your marriage. it incredibly is and remains separate belongings and might easily revert to the believe devoid of changing. The earnings bonus is yet another be counted. If the bonus replaced into paid in accordance with overall performance for the time of the marriage, he has switched over the marital asset and, in depositing it into the believe, could o.k. have switched over the believe right into a marital asset. this entire situation requies a assessment by a powerfuble belongings lawyer who can assessment all records and records of the believe. Suffice it to declare that except you elect to divorce over the difficulty, i might propose discussing your thoughts with him and keeping apart out marital as against separate belongings with in basic terms those separate products going into the believe. you will possibly be able to signify attending an belongings making plans seminar with him so as that the records he desires comes from somebody different than you.
2016-12-31 14:46:20 · answer #2 · answered by Anonymous · 0⤊ 0⤋
You can include or not include whatever you wish. The majority of trusts are worthless because people forget to put anything in them.
2007-09-06 14:17:57 · answer #3 · answered by STEVEN F 7 · 1⤊ 0⤋