Q: My step father has unclaimed money to chase bank. Recently my mother passed away. The bank is now asking let of autho.
Authority. How do I get this? My mother has a living trust and will. Lawyer did give us a letter but bank will not accept this
Money is less than $50,000 and it's in an IRA account. Myself and my sister are co executors of my moms will. We have given them everything and they are still asking for letter of authority. Why do I need this if my mom had a living trust. Please help
A: Letters of Authorization are issued through probate proceedings. If the assets sitting outside the living trust (ie not titled in the trust name) cumulatively are over $150,000 then a probate is needed and; therefore, Letters of Administration. If the assets sitting outside the living trust is less than $150,000 then we can utilize a Small Estate Affidavit in lieu of Letters of Administration.
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A: I'd modify Ms. Zialcita answer slightly. While normally a formal probate is required for assets totaling over $150,000, depending on the language of the trust and will there may be an easier way.
Probate Code s. 850 allows a trustee to recovery assets outside of the trust. This is called a Heggstad petition, and is quicker and cheaper that a formal probate.
I would have an experienced probate attorney take a look at the will and trust and let you know what they think. Your local county bar association is a good place to start, as most provide free or low cost attorney consultations.
Marivel Zialcita agrees with this answer
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