"carlossm" <carlos[at]vanguardiatec.com> wrote in message
news:61105627.0312220800.7968ff73[at]posting.google.com...
- quote -

Without getting into specifics, what we have here is another one of the
many cases where proper estate planning was not done, and the beneficiaries
end up fighting over the estate.

As Cal pointed out, the NAMED beneficiary on a life or annuity policy is
the ONLY one who is going to get that money. Some have attacked this lately,
and thank GOD, they all lost. If the policy owner fails to change the
beneficiary, then they are to blame. Attorneys tell their clients to make
these changes, but often fail to include the life agent in the process.
That's a failure on both the client and the attorneys part.

If a person is named executor or trustee, and they want to get paid, they
had BETTER address this issue BEFORE the person naming them as executor or
trustee dies!

Brent D. Gardner, ChFC
Chartered Financial Consultant
http://members.cox.net/brentdgardner1378/

"Be ever questioning. Ignorance is not bliss. It is oblivion. You don't go
to heaven if you die dumb. Become better informed. Learn from other's
mistakes. You could not live long enough to make them all yourself." - Hyman
George Rickover (1900-86), Admiral, US Navy, advocated development of
nuclear subs & ships

The Chartered Life Underwriter (CLU) and Chartered Financial Consultant
(ChFC), designations owned and exclusively offered by The American College,
signify the highest standards of academic study and professional excellence
in the financial services industry.

- quote -

With a trust, there is normally a pour-over will. Then a probate court
can transfer the bank account to the trust, maybe a long time from now.
In meantime an executor (you?) has to get probate court documents
showing the bank they must give an inventory of assets to court (which
is public record) if CA follows the norm I'm accustomed to.

Also the executor has to inventory all those life insurance payouts
(and IRA?) in order to assess estate tax obligations. Actually it
is the executor that probably has to do all expense paying (not from
IRA, but can demand money from the trust). Apparently this trust
was documented but not fully implemented in respect to bank/insurance.

The executor/pers rep may find it excruciating to cash some checks
now that a greedy relative closed out that joint account, not leaving
even a single dollar. Don't invite that person to any parties...

Again not sure of the CA swizzle; I heard they have a hilarious
law that makes a part business owner liable for (CA estate?) taxes
on the full value of assets which may be worth millions, even if
they only have a single dollar of equity. Maybe misinformation;
you can probably find a book on amazon about settling estates in
CA. However I haven't found any decent book about settling trusts
(they just go on and on about how to set them up).

carlossm wrote:
- quote -

Under normal conditions, that "co-owner", depending on the
wording, has complete control & complete access to that
bank account. Therefore, unless you wish to "contest" that
ownership as being "illegal" for some reason (and bear the
expenses involved) you are out in the cold........................

- quote -

If you are in fact the PRIMARY Beneficiary of the IRA, then the
entire value of that IRA belongs to you. It is your responsibility
to notify the Carrier, and complete what ever forms are required
to transfer the IRA to you. (there may be taxes to be paid ! ! ! !)

- quote -

If that "uncle" is the Primaty Beneficiary of the Life Insurance
policy, and it was "in-force" at the time of her death, then the
proceeds of the policy belong to HIM, to use as he sees fit.


- quote -

Not familiar with Califonia trust laws.

Cal Lester CLU

My mother passed away last october and she left me as the trustee of
the trust. In her trust she left two bank accounts and an IRA to be
used to pay all expenses. I went to the bank and the bank told me that
they could not release any info or money to the trust because my
mother did not give any instructions for them to do so. On top of
that there is a co-owner of the accounts, whom she named when she was
diying. I did find out that one of the accounts was closed on Nov(a
month after she passed away). Is there anything I can do to try to
recover any money for the expenses?
I'm the beneficiary of the IRA she left to pay expenses. I have not
called the IRA company to find out how much money there is. If there
is any money left from the IRA after paying expenses, can I keep what
is left?
One more thing, there is a death policy whose beneficiary is an Uncle,
that is whats on the policy, in the trust my mother had the same
policy going to 2 of my sisters. But the only one who can collect the
insurance money is my uncle as the insurance copany was never notified
by my mother of the changes.Is my uncle obligated in any way to turn
the money over to the trust?
And one more thing, I read somewhere in the internet that as a trustee
of the trus(I'm the only one) I'm entitled to a salary/fees for my
work, what are the customary fees for this?

This is in California.
TIA
Carlos San Miguel