My mom passed away on Christmas Eve after dealing with cancer and other health complications (my dad passed away around 9 years ago). . .have been trying to wrap my head around the process ahead. . .have a phone call into the attorney who created my mom's living trust, he said he will get back to me over the weekend or early next week - but wanted to consult the message board to at least get the wheels spinning on possible good paths forward and general "what to do" thoughts. . .
State of Residence: California
My Age: 39
Brothers Age: 35
Mom created a living trust in 2014, with my brother and I listed as successor co-trustees (we are the only children)
Assets titled in name of Living Trust at time of mom's passing (with approximate values):
Primary Residence: $300,000.00
B of A Checking: $184,600.00
Treasury Direct holdings (95% bills and notes, maturing in 1 month - 2.5 years): $302,000.00
TOTAL LIVING TRUST ASSETS: $786,600.00
Assets with POD/TOD/Beneficiary designations that are all 50/50 split between my brother and I:
CitiBank: $62,000.00
Vanguard Taxable: $30,700.00
Treasury Direct holdings (all I Bonds): $22,000.00
Vanguard Traditional IRA: $19,000.00
TOTAL POD/TOD/BENEFICIARY ASSETS: $133,700.00
Life Insurance with brother and I as 50/50 beneficiaries
Life Insurance Policy #1: $200,000.00
Life Insurance Policy #2: $75,000.00
TOTAL LIFE INSURANCE ASSETS: $275,000.00
Money owed to my mom's estate that was loaned to family farming operation
Loan to be paid to mom's estate by end of 2023: $176,000.00
TOTAL LOAN ASSSET: $176,000.00
TOTAL ESTATE ASSETS: $1,371,300.00
First, I'm open to any and all comments/advice. . .
QUESTIONS:
1) Regarding the assets that are titled in the name of the Living Trust at the time of my mom's passing:
-I am really unsure of what the process is, my mom had the living trust with her as the trustee using her SSN
-Take for example the B of A Checking that's in the name of the living trust. . .now that my mom has passed, I was told by the associate I spoke with at B of A that I need to get an EIN so that I can transfer the $184,600.00 in checking accounts currently in the name of my mom's living trust at B of A opened so that my brother and I can have access to those funds? Does this sound correct?
If we do need a new EIN to transfer those trust checking account funds over to a new account with the new EIN, is there a special way that we need to title the new checking account that we transfer our funds to?
Or is it likely that it would be the EXACT same checking account, but they just change out my mom's SSN for the new EIN?
Curious to know what the process was like for others who may have had to navigate this process
2) Regarding the house that was (is?) titled in the name of the Living Trust at the time of my mom's passing:
-What are the next steps now that my mom has passed?
-Now that she is passed, does the how need to be re-titled?
3) My brother and I already prepared/submitted the paperwork to get the payout on the life insurance policies, so those checks should be coming to us in the next several weeks. . .those checks will just be made out to us personally
-Does this sound fine that we are receiving those checks made out to us personally?
-When we get the checks should we deposit them into personal checking accounts?
-Or upon receipt of these life insurance checks, should we consider depositing into the trust account?
4) For "final expenses" (Ex: burial, chapel, luncheon):
-Once we have access to the funds in the trust checking account we were planning on paying for those expenses from that account
-Does that sound fine?
5) Regarding the loan that will be paid back "to my mom"
-Who should that check/payment be made out to now that my mom is deceased?
Still just processing everything. . .I feel like the first week or so was the emotional dealings of my mom's passing, now the challenge is trying to proceed in the "right way" on all of the estate related items
State of Residence: California
My Age: 39
Brothers Age: 35
Mom created a living trust in 2014, with my brother and I listed as successor co-trustees (we are the only children)
Assets titled in name of Living Trust at time of mom's passing (with approximate values):
Primary Residence: $300,000.00
B of A Checking: $184,600.00
Treasury Direct holdings (95% bills and notes, maturing in 1 month - 2.5 years): $302,000.00
TOTAL LIVING TRUST ASSETS: $786,600.00
Assets with POD/TOD/Beneficiary designations that are all 50/50 split between my brother and I:
CitiBank: $62,000.00
Vanguard Taxable: $30,700.00
Treasury Direct holdings (all I Bonds): $22,000.00
Vanguard Traditional IRA: $19,000.00
TOTAL POD/TOD/BENEFICIARY ASSETS: $133,700.00
Life Insurance with brother and I as 50/50 beneficiaries
Life Insurance Policy #1: $200,000.00
Life Insurance Policy #2: $75,000.00
TOTAL LIFE INSURANCE ASSETS: $275,000.00
Money owed to my mom's estate that was loaned to family farming operation
Loan to be paid to mom's estate by end of 2023: $176,000.00
TOTAL LOAN ASSSET: $176,000.00
TOTAL ESTATE ASSETS: $1,371,300.00
First, I'm open to any and all comments/advice. . .
QUESTIONS:
1) Regarding the assets that are titled in the name of the Living Trust at the time of my mom's passing:
-I am really unsure of what the process is, my mom had the living trust with her as the trustee using her SSN
-Take for example the B of A Checking that's in the name of the living trust. . .now that my mom has passed, I was told by the associate I spoke with at B of A that I need to get an EIN so that I can transfer the $184,600.00 in checking accounts currently in the name of my mom's living trust at B of A opened so that my brother and I can have access to those funds? Does this sound correct?
If we do need a new EIN to transfer those trust checking account funds over to a new account with the new EIN, is there a special way that we need to title the new checking account that we transfer our funds to?
Or is it likely that it would be the EXACT same checking account, but they just change out my mom's SSN for the new EIN?
Curious to know what the process was like for others who may have had to navigate this process
2) Regarding the house that was (is?) titled in the name of the Living Trust at the time of my mom's passing:
-What are the next steps now that my mom has passed?
-Now that she is passed, does the how need to be re-titled?
3) My brother and I already prepared/submitted the paperwork to get the payout on the life insurance policies, so those checks should be coming to us in the next several weeks. . .those checks will just be made out to us personally
-Does this sound fine that we are receiving those checks made out to us personally?
-When we get the checks should we deposit them into personal checking accounts?
-Or upon receipt of these life insurance checks, should we consider depositing into the trust account?
4) For "final expenses" (Ex: burial, chapel, luncheon):
-Once we have access to the funds in the trust checking account we were planning on paying for those expenses from that account
-Does that sound fine?
5) Regarding the loan that will be paid back "to my mom"
-Who should that check/payment be made out to now that my mom is deceased?
Still just processing everything. . .I feel like the first week or so was the emotional dealings of my mom's passing, now the challenge is trying to proceed in the "right way" on all of the estate related items
Statistics: Posted by bmelikia — Fri Jan 12, 2024 3:50 pm — Replies 2 — Views 194