The rules for trusts are even more complicated with FDIC insurance. Here are the current rules, as of September 20, 2011, from the FDIC website. I hope this helps you.
Ownership CategoriesRevocable Trust AccountsThis section explains FDIC insurance coverage for revocable trust accounts, and is not intended as estate planning advice or guidance. Depositors should contact a legal or financial advisor for assistance with estate planning.
A revocable trust account is a deposit account owned by one or more people that identifies one or more beneficiaries who will receive the deposits upon the death of the owner(s). A revocable trust can be revoked, terminated or changed at any time, at the discretion of the owner(s). In this section, the t
People throughout California create revocable living trusts to avoid probate Court after death. It’s smart. It’s simple economics. If you have a $500,000 gross estate probate will be over $15,000 after your death. Having a living trust, which may cost $2,500, will avoid probate. That doesn’t even factor in the emotional cost of probate. Just simple economics says living trust good and probate bad. However, many people have been lured by incredibly low interest rates to re-finance their homes. Typically mortgage companies will not loan money to a trust and thus the title and escrow companies require a deed to be signed which pulls the house OUT OF THE TRUST. Most title companies are not good about preparing a deed to put the house back IN to the trust. Likewise, many people do n
Did you know there is a California probate code that can help transfer timeshares, after death, withtout the need for a full probate? We can typically take care of this for you for a flat fee of $750 which includes the Court costs. The only additional cost would be the timeshare transfer fee. This works for any “real property” with a value under $20,000. Contact me with questions or visit our website, www.californiaprobate.info, for more information.
PROBATE CODE SECTION 13200-13210
13200. (a) No sooner than six months from the death of a decedent,
a person or persons claiming as successor of the decedent to a
particular item of property that is real property may file in the