Q: How do I go about changing bank accounts set up for funds collected from rental of my mother’s home to a trust account?
My mother (and father) are deceased, and my brothers and I rent her home in Virginia, using a property manager there who rents and manages the care of the house on my behalf (I live in Washington state). From the funds I collect monthly from the rental, it all goes into an account(s) from which I pay the property and other taxes and expenses for my mother’s properties in Virginia, and when available the remaining is disbursed to my siblings and myself. If something should happen to me, I don’t know whether my siblings would be able to access the funds in these accounts because they are in my name. How would they be able to pay the bills? Who would the property manage send funds to? Can you help me to know what I need to do in this situation.
A: Set up a trust. It won’t be hard, but it’s not a DIY project. Get Virginia counsel.
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