How Trusts are Funded

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Living Trust Estate Planning

A trust is like a Will, but better. A trust transfers real property and other assets on death without probate court supervision, saving money, time and publicity. The vast majority of trusts are created to avoid probate and to provide for the orderly transfer of assets at a minimum cost and effort.

An unfunded trust is exactly like a Will and does not avoid probate. Trusts must be funded as follows.

Funding real property is by deed from the owner to the owner as trustee of his or her trust. There is no transfer tax, property tax increase or transfer tax on trust transfers. On death of the owner, the successor trustee transfers real property by deed to heirs of the decedent.

Contracts with designated beneficiary are retirement plans and life insurance policies. For retirement accounts the primary designated beneficiary should be the non-owning spouse and the alternate the trust. For life insurance policies the primary designated beneficiary should be the trust.

 

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San Deigo County Cities Served

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San Diego County Cities Served: Carlsbad, Chula Vista, Coronado, Del Mar, El Cajon, Encinitas, Escondido, Imperial Beach, La Mesa, Lemon Grove, National City, Oceanside, Poway, San Diego, San Marcos, Santee, Solana Beach, and Vista

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Cities in Orange County Served

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Orange County Cities Served: Anaheim, Cypress, Costa Mesa, Fountain Valley, Garden Grove, Huntington Beach, Irvine, Lake Forest, Los Alamitos, Midway City, Newport Beach, Newport Coast, City of Orange, Rossmoor, Santa Ana, Seal Beach, Stanton, Sunset Beach, Surfside, Tustin, and Westminster

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Banks by Declaration

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Collect and Transfer Bank and Brokerage Accounts

A powerful tool to collect bank and brokerage accounts of a relative who has died is California Probate Code §13100. This law provides for the collection of personal property of a decedent by affidavit or declaration without going through probate. The affidavit/declaration is made by the decedent’s “successors,” (persons succeeding to the property by will or intestacy).

Sample of Banks

  • JPMORGAN CHASE & CO.
  • BANK OF AMERICA CORPORATION
  • CITIGROUP INC.
  • WELLS FARGO & COMPANY
  • GOLDMAN SACHS GROUP, INC.
  • METLIFE, INC.
  • MORGAN STANLEY
  • U.S. BANCORP
  • BANK OF NEW YORK MELLON CORPORATION
  • HSBC NORTH AMERICA HOLDINGS INC.
  • PNC FINANCIAL SERVICES GROUP, INC.,
  • CAPITAL ONE FINANCIAL CORPORATION
  • TD BANK US HOLDING COMPANY
  • STATE STREET CORPORATION
  • ALLY FINANCIAL INC.
  • BB&T CORPORATION
  • SUNTRUST BANKS, INC.
  • PRINCIPAL FINANCIAL GROUP, INC.
  • AMERICAN EXPRESS COMPANY
  • AMERIPRISE FINANCIAL, INC.
  • RBS CITIZENS FINANCIAL GROUP, INC.
  • REGIONS FINANCIAL CORPORATION
  • FIFTH THIRD BANCORP
  • BMO FINANCIAL CORP
  • CHARLES SCHWAB CORPORATION
  • UNITED SERVICES AUTOMOBILE ASSOCIATION
  • NORTHERN TRUST CORPORATION
  • UNIONBANCAL CORPORATION
  • KEYCORP
  • SANTANDER HOLDINGS USA, INC.
  • M&T BANK CORPORATION
  • BANCWEST CORPORATION
  • DISCOVER FINANCIAL SERVICES
  • BBVA USA BANCSHARES, INC.
  • DEUTSCHE BANK TRUST CORPORATION
  • COMERICA INCORPORATED
  • HUNTINGTON BANCSHARES INCORPORATED
  • ZIONS BANCORPORATION
  • E*TRADE FINANCIAL CORPORATION
  • UTRECHT-AMERICA HOLDINGS, INC.
  • NEW YORK COMMUNITY BANCORP, INC.
  • HUDSON CITY BANCORP, INC.
  • CIT GROUP INC.
  • POPULAR, INC.
  • FIRST NIAGARA FINANCIAL GROUP, INC.
  • PEOPLE’S UNITED FINANCIAL, INC.
  • SYNOVUS FINANCIAL CORP.
  • BOK FINANCIAL CORPORATION
  • FIRST HORIZON NATIONAL CORPORATION
  • IMB HOLDCO LLC
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California Counties Served

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California Counties  Alameda, Alpine, Amador, Butte, Calaveras, Colusa, Contra Costa, Del Norte, El Dorado, Fresno,  Glenn, Humboldt, Imperial, Inyo, Kern, Kings, Lake, Lassen, Los Angeles, Madera,  Marin, Mariposa, Mendocino, Merced, Modoc, Mono, Monterey, Napa, Nevada, Orange, Placer, Plumas, Riverside, Sacramento, San Benito, San Bernardino, San Diego, San Francisco, San Joaquin, San Luis Obispo, San Mateo, Santa Barbara, Santa Clara, Santa Cruz,  Shasta, Sierra, Siskiyou, Solano, Sonoma, Stanislaus, Sutter, Tehama, Trinity, Tulare, Tuolumne, Ventura, Yolo, Yuba

California City is located in the northern Antelope Valley area. Hesperia in the Mojave Desert area of San Bernardino County, Bakersfield and Lancaster

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