My mother passed away, leaving my sister, followed by her husband followed by me, as executioner of her trust. In it my sister and I are 50/50 beneficiaries. My sister advised me that my moms bank accounts (totaling 68,000 that she closed) and the pension (17,000 a year till my father dies) aren't part of the trust and she was going to keep it. My sister says just my mothers possessions and debt are part of the trust.
Michael Raymond DaymudeLitigation LawyerSherman Oaks, CA ·
Whether the pension or bank accounts are held in trust is determined by the terms of trust, including any schedules, and how the property is titled. A review of that information is necessary before anyone could opine further.
In many cases pensions and bank accounts are payable to a POD (payable on death) beneficiary and are NOT trust property. However, depending on timing and other factors, how property is titled is not necessarily the end of the story. A claim of undue influence, for example, in the execution of beneficiary designations or title documents may alter the result.
If you wish a different result than what your sister proposes, you need to retain counsel sooner than later. Once funds are disbursed there is little incentive to settle.
BTW, a trustee administers a trust. An executor administers a will. An executioner kills.
Eric Jerome GoldTrusts AttorneyCalabasas, CACA licensed ·
I concur with Attorney Daymude. Your most prudent course of action would be to contact a local estate attorney for detailed advice. You can use the Find A Lawyer tool or contact the local bar association. Good luck.
Matthew MurilloEstate Planning AttorneyRedlands, CA ·
Usually, yes, they are part of a trust. If she had an attorney create the trust, it likely would have been created with a "pour-over" will (atleast that should be the case). That will essentially says that anything in her estate at the time of death that isn't titled in the name of her estate, should be "poured" into the trust. You would need to check her estate plan documents to be sure.
Thee may be an exception though if any account had a "pay on death" benefit with a named beneficiary.
