Money and Trusts, Frequently Asked Questions

Posted on Mar 8, 2016 in Estate Planning, San Diego Lawyer | Comments Off on Money and Trusts, Frequently Asked Questions

Money and Trusts, FAQ

Marty Schneider, the Retirement Professor, asked me questions the following questions on our radio show today:

What happens to money outside of the Trust when the trust creator dies?

The money must be transferred to the Trust but may require court orders to make the transfer. Smaller amounts of money can be transferred through the use of Affadavits.

How can you make sure that life insurance is in the Trust?

You can look in our your original policy or ask the insurance administrator or company to provide that information.

How can you make sure the bank accounts are in the Trust?

The account must refer to the trust or to the Trustee or it is probably not in the trust. Ask the bank for written proof that it is in the trust.

What do I need to take to the bank to prove that I have a Trust?

You will need to take evidence that the Trust exists. The best thing to take is the Trust Certification but if you were not provided with a Trust Certification, you should be Okay if you take your entire trust binder to the bank.

Who should we name a Successor Trustee?

If you have no familmoneyy members or people you trust here in the country, you could select someone from a reputable fiduciary organization like the Professional Fiduciary Association of California (PFAC). Before selecting one, be sure to ask a lot of questions so you can decide who to choose.

Question you will want to ask before hiring a fiduciary:

Q: What type of services do you provide? Q: Are you insured for errors and omissions? Q; What credentials do you have? Q: What are your office and telephone hours? Q: If there is an emergency after hours, how do I reach you or your staff? Q: What are your internal controls like? Q: How is my confidential information protected? Q: What happens to me if something happens to you? Q: What is your succession plan? Q: Do you have a disaster recovery plan for my data? Q: What fees do you charge and when? Q: If you use other professionals (certified public accountant, attorney, caregiver, etc.), what are their fees? Q: Do you work alone or have a staff? Q: If you have a staff, what types of services do you delegate to them? Q: What is the fee for services provided by your staff? Q: How often will you provide me with an accounting? Q: Can you provide me with references of past or current clients or other professionals you have worked with who I can contact?

My uncle suggested I use a corporate trustee or a bank to be my successor trustee. What is recommended?

Use a fiduciary from PFAC or use Marty Schneider.

NOTE of Caution:

Nothing in this material is designed to provide legal advice. Please seek legal advice from a trusted attorney. If you need legal advice, you can contact me at www. for a free initial consultation.


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