I am in California and have a revocable living trust. I'd like to open a bank account with an out of state bank that only has accounts for individuals, not trusts. But they can designate a trust as a beneficiary. Would this work to avoid probate and probate taxes upon my death?
Designating a trust as beneficiary of a bank account will avoid Probate. There are no "probate taxes."
Please remember to mark what you believe to be the best answer to your question. This answer is provided by estate planning attorney Robert P. Bergman, with offices in San Jose, California. Mr. Bergman is a Certified Specialist in Estate Planning, Trust and Probate Law (State Bar of California Board of Legal Specialization), and has been practicing since 1980. He is also the radio host of "Plan Your Estate Radio" on 1220 AM KDOW from 2:00 pm to 3:00 pm on Friday afternoons. This answer does not create an attorney-client relationship, and is only intended to provide general legal advice within the limits of the question asked. If you wish to create an attorney-client relationship for specific legal advice, it will be necessary to enter into an engagement for legal services. More general legal information about wills, living trusts, and estate planning can be found at Mr. Bergman's main website at www.lawbob.com. Mr. Bergman also offers free seminars at his offices in San Jose. He also can assist families with quick and efficient modifications of existing irrevocable trusts (see www.irrevocabletrustdoctor.com) and Heggstad petitions to gather in loose trust property after someone has died (see www.heggstadhelp.com)
Yes. Your revocable living trust may be named beneficiary of bank account.
California has no "probate tax".
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