Cal. R. 7.1061

As amended through September 20, 2024

Rule 7.1061 - Taking possession of an asset of the conservatee at an institution or opening or changing ownership of an account or safe-deposit box in a financial institution

(a) Definitions

As used in this rule, the following terms have the meanings stated below:

(1) An "institution" is an insurance company, insurance broker, insurance agent, investment company, investment bank, securities broker-dealer, investment advisor, financial planner, financial advisor, or any other person who takes, holds, or controls an asset subject to a guardianship that is not a "financial institution" within the meaning of this rule;

(2) A "financial institution" is a bank, trust (except as provided in (d)), savings and loan association, savings bank, industrial bank, or credit union; and

(3) "Taking possession" or "taking control" of an asset held or controlled by an institution includes changing title to the asset, withdrawing all or any portion of the asset, or transferring all or any portion of the asset from the institution.

(b) Responsibilities of the conservator when taking possession or control of an asset of the conservatee at an institution

When taking possession or control of an asset held by an institution in the name of the conservatee, the temporary, general, or limited conservator of the estate must provide the following to the institution:

(1) A certified copy of the conservator's Letters of Temporary Guardianship or Conservatorship (form GC-150) or Letters of Conservatorship (form GC-350) containing the Notice to Institutions and Financial Institutions on the second page; and

(2) A blank copy of a Notice of Taking Possession or Control of an Asset of Minor or Conservatee (form GC-050).

(c) Responsibilities of the conservator when opening or changing the name on an account or a safe-deposit box at a financial institution

When opening or changing the name on an account or a safe-deposit box in a financial institution, the temporary, general, or limited conservator of the estate must provide the following to the financial institution:

(1) A certified copy of the guardian's Letters of Temporary Guardianship or Conservatorship (form GC-150) or Letters of Conservatorship (form GC-350) containing the Notice to Institutions and Financial Institutions on the second page; and

(2) A blank copy of a Notice of Opening or Changing a Guardianship or Conservatorship Account or Safe-Deposit Box (form GC-051).

(d) Application of this rule to Totten trust accounts

This rule applies to Totten trust accounts but does not apply to any other trust arrangement described in Probate Code section 82(b).

Cal. R. Ct. 7.1061

Rule 7.1061 amended effective 9/1/2023; adopted effective 1/1/2009.