Legal Question in Wills and Trusts in California
how do i put the sale of the house back into the trust?
parents had their home in a trust. the house was sold and the funds were put into a liquid account.we would like to put the family trust as benificiary of these accounts. the account is a joint with rights to survivorship and a transfer on deaf to the beneficiary. designation can be made. is the family trust still valid or does a new trust have to be drawn up.
2 Answers from Attorneys
Re: how do i put the sale of the house back into the trust?
Better to put the funds in a new trust as the funds have to be held in an account which may be designated as a trust property. Who would be the trustee and benficiaries after the last joint signer of the account passes? Call me directly at 16192223504.
Re: how do i put the sale of the house back into the trust?
Typically, a trust instrument terminates at the time the purpose of the trust is/was accomplished. So, its hard to ascertain whether or not you need to draft a new trust instrument without reviewing the old trust instrument per se, especially since often times a change in assets, i.e. your home becoming cash proceeds now, does not mean a change of status. So, if you would like further, affordable legal assistance in this matter, contact us directly today.
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