Attorney likely needed to allow account trustee to change banks
The information in this column is intended to provide a general understanding of the law, not as legal advice. Readers with legal problems, including those whose questions are addressed here, should consult attorneys for advice on their particular circumstances.
Q: I am trustee of a trust my mother set up. A bank will become trustee when I die. I have the right to remove a bank trustee and replace it with another. What do I need to sign to remove the named bank with another? Do I need an attorney?
A: Typically, what you want to do would be accomplished by signing a written document in the presence of a notary.
But without seeing the instrument which created the trust, it is not possible to say for sure that you have the right to do what you want to do. You say you have the right to remove a bank that is serving as trustee and replace that bank with another bank. That is not the same as the right to designate a different trustee to succeed you because you do not want the one that is named to continue to serve.
An estate planning attorney would be able to determine whether you already have the ability to name a different bank to serve as trustee and, if so, to assist with preparation of the paperwork. Yes, it would be a good idea for you to hire an attorney to assist with this project.
If you are able to do what you want, contact the new bank that you wish to name to be sure they would be willing to serve and to alert them to the existence of the trust.
Q: Is it best for a married couple to have their home and automobiles in both of their names? If the husband has the home in his name alone, how will his death impact the wife, and what steps would she need to take to have those assets placed in her name?
A: There is no simple answer to either of your questions.
The answer to your first question depends on many factors. For instance, is this the couple’s first marriage? Do they have a prenuptial agreement? Do they have children? Are there any creditor issues? Do they live in Texas? Do they trust each other? Was the home purchased during the marriage?
Much of the time, a married couple titles their home and automobiles in both their names.
As to your second question, vehicles are typically fairly easy to transfer after one spouse dies, as there is an affidavit that can be completed by the surviving spouse.
However, the home is another matter. What the wife in your example would need to do again depends on the answers to a number of questions. Did the husband have a will? Did the husband sign a transfer on death deed? What other properties did the husband own?
You should consider meeting with an attorney to discuss your particular circumstances.
Ronald Lipman, of Houston law firm Lipman & Associates, is board certified in estate planning and probate law by the Texas Board of Legal Specialization. Email questions to stateyourcase@ lipmanpc.com