The administration of a Trust after a Trustor’s death requires transferring assets, a complex process, and it is important to consult with experts like the Littorno Law Group, to ensure that you are doing it correctly. However, the following is a general overview of the steps involved in transferring real estate deeds, investment accounts, bank accounts, CDs, real estate, etc.
To transfer real estate, you will need to complete an Affidavit of Death and later a Grant Deed, along with required tax forms. The Grant Deed will typically require the following information:
- The names of the grantor (the person who is transferring the property i.e the successor trustee) and the grantee (the trust beneficiary who is receiving the property)
- A legal description of the property (we conduct a title search)
- The date of the transfer
- The notarized signatures of the grantor and the grantee
Once the Grant Deed is completed, it will need to be recorded with the county clerk’s office in the county where the property is located. We are able to do this electronically in many urban counties in California.
Investment Account Transfers
To transfer an investment account, you must contact the brokerage firm or other financial institution where the account is held. The brokerage firm or financial institution will typically require completion of various transfer forms. The transfer forms will typically require the following information:
- The name on the current account
- The name of the new trust account
- The amount transferred
- The date of the transfer
Bank and Credit Union Accounts
To transfer their accounts, you will need to contact the institution where the account is held. They will typically require you to complete their Certification of Trust and other transfer forms. We provide Certification of Trust forms with all the necessary information for handling this.
Certificates of Deposit
To transfer a CD, you will need to contact the institution where the CD is held. The bank will typically require you to complete a transfer form. The transfer form will typically require the following information:
- The name of the account you are transferring from
- The amount of money you are transferring
- The date of the transfer
It is important to note that there may be early withdrawal penalties and fees associated with transferring assets. You should check with the brokerage firm, bank, or financial institution where the asset is held to see what fees may apply.
You should also be aware that transferring assets may have tax implications. You should consult with a tax advisor, like the Littorno Law Group, to determine the tax implications of transferring any assets.
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