Vallejo, CA asked in Estate Planning for California

Q: For listing assets in a trust, how specific does it have to be? Can I list "Chase Bank account"? Whole account number?

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4 Lawyer Answers
David Ostrove
David Ostrove
PREMIUM
Answered
  • Estate Planning Lawyer
  • Los Angeles, CA
  • Licensed in California

A: The more detailed and specific the better; (within reason); the location of the bank or brokerage, or property. The balance of dollars is not necessary; But, you do want to make it as easy as possible for the person who will be managing your estate or trust or company to locate and marshall all of your assets, for the benefit of your beneficiaries.

Also, a list of all personal assets is important, with locations.

Yes, account numbers are important.

1 user found this answer helpful

Carol A Fauerbach
Carol A Fauerbach
Answered
  • Estate Planning Lawyer
  • Folsom, CA

A: The name and location of the bank account is helpful to show you specific intent to move the asset into the trust, but you should not include the entire account number. The last 4 digits are typically sufficient. Check with an attorney before including any retirement accounts in your trust. Also, listing trust assets show your intent for these assets to be placed in the trust, but does not necessarily actually move them to your trust. You should consult with an attorney to make sure that the trust is properly funded.

James Edward Berge agrees with this answer

1 user found this answer helpful

Sean David Ethington
Sean David Ethington
Answered
  • Estate Planning Lawyer
  • Valencia , CA
  • Licensed in California

A: Title with the banking institution should reflect that your trust is the owner of the account(s). In order to accomplish this you should contact your bank, inform the bank of your trust and instruct the bank to transfer title from your individual name to the name of your trust. This is quite often done in person and with the use of a certification of trust document.

Deanny Lungu
Deanny Lungu
Answered
  • Estate Planning Lawyer
  • Long Beach, CA
  • Licensed in California

A: I generally recommend the account be in the trust name. Listing the acount number, name of the institution, be as specific as possible, and include that on an asset spreadsheet or on a schedule so that your family members can more easily locate the account if something happens to you.

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