If our high balance savings account is not part of our Revocable Trust and we pass away, will it go through Probate?

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If we have mentioned these bank accounts in our Will to be moved into our Trust upon our death, will it avoid Probate?

Attorney Answers

4
Gene Adkins ·
It is likely that the bank accounts you mentioned would have to be probated in order to transfer title of the accounts from your name and into your trust after your death depending. Having a Will does not avoid probate. What matters is how your assets are held. If they are in your name alone at death without being held in joint tenancy or have beneficiaries listed on them, and they are over the statutory limit for a small estate in the state you reside, then a probate is necessary. I would recommend you speak to your estate planning attorney for advice on how those accounts should be held.
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James Frederick ·
Yes, it would need to go through probate. Your Wills are ONLY effective in probate. They have no authority at all until "admitted" to probate. In order to avoid probate, you need to designate the trust as beneficiary of this account or re-title the account in the name of the trust. James Frederick
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Brad Hindley ·
Ask your bank for a "Pay of Death" paper and then name the trustees of the trust as the Pay on Death account beneficiary. Later, the the trustee of the trust can show a copy of the trust and a death certificate to the bank and collect the accounts. You can give the bank a copy of the trust now when you do the POD paper. If the account is high and the trust has several beneficiaries, you may want to retitle the account as the FDIC insurance limit is $250,000 per beneficiary. So you will have more coverage with more beneficiaries. But ask your bank or lawyer about this because there are a few required details. These are easy to do and you may not need a lawyer. But lawyers can ensure it is done right if you want.
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Rosemary Jane Meagher-LeonardEstate Planning AttorneySan Diego, CA ·
I agree with Attorneys Frederick and Adkins. Unless there is a named beneficiary for this account, you may not be able to avoid Probate just by mentioning your bank account in you will. Since you have a trust, you probably have a pour-over will that is intended to work with the trust. A pour-over will is designed to insure that assets that cannot be titled into your trust will be transferred into the trust for eventual trust administration. A pour-over will can also cover property that was inadvertently left out of the trust. However, it really is not intended for property that has a high value or which can easily be transferred into the trust. If you do not transfer the account into the trust, and the total of such property (real or personal) is greater than $150,000.00,and even with a pour-over will, you run the risk of having your successor trustee deal with some type of Probate action. It is highly recommended that you transfer this asset to your trust.
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