QUESTION
Adding a savings account to a revocable trust
Asked on Apr 26th, 2016 on Estate Planning - California
More details to this question:
We've recently created a revocable trust. One of our banks will not let us title our savings account in the name of the trust, only make it POD to the trust. We were told this is ok for smaller accounts (under $4k), but this account is large, over $200k. Will this create a problem for the trust when we die? Do we have other options (besides changing banks)?
1 ANSWER
Estate Litigation Attorney serving Redlands, CA
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Price Law Firm, APC
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You would have to open a new bank account in the name of the trust, if you would like to do that. Otherwise, you can name the trust as the beneficiary of the account on your passing away. Most of my clients name the trust as the beneficiary, regardless of the amount in the account.
Answered on Apr 26th, 2016 at 5:50 PM