What Happens When The Person Who Set Up A Trust Dies?
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- Опубликовано: 6 сен 2024
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Trustees and beneficiaries of trusts are often confused regarding what should happen when the Settlor/Grantor of a trust passes away.
I don't know what to do with my house, it is in a rlt and my mom ins trustee and beneficiary on it but left the home to me in her will. The representative over it has done nothing. It's been 3 yrs since see died and her probate is over. Now what?
As a successor trustee, how would you transfer a house that was put in a deceased person’s revocable trust into the beneficiary’s name.
So the parents die , the trust should go into probate and be settled with the executor who is one of the beneficiaries doesn’t turn in the death certificates of the two parents who died. Why would the Executor who is also one of the beneficiaries hold up The distribution of the trust ?
Grief? Incompetence?
much respect to you for your service in "educating" us about the retirement maze; thanks for your videos - which by the way, were done exceptionally well.
Mom has dementia, but fortunately her attorney was enough on the ball to convince her to resign the trust to the next in line (me) when she got scammed. Even with good paper records and some professionals she’d formed relationships with, it took me a good year to get the trust under control since I couldn’t ask her any questions. I really feel for children who are thrust into the trustee role after their parent dies with no prior warning. Still, now that I’ve had some time as trustee, I think a trust is the way to go if you have assets. Still, companies are reluctant to work with trustees, even if they have the paperwork. I spend a lot of time in maintenance. I do take compensation for my time,which is only fair since the other siblings don’t lift a finger. It’s the only way I feel ok spending the amount of time it requires, which is more than I spend on my own business.
I’m on an iPad. Can’t look @Community. Never did. Until today. Went to my iPhone. Paul’s surveys/comments are gold mine. Don’t miss!
The caregiver might get their life back. IS like night caregiving for patient. The light goes back on when they are in care or deceased after grief done. They suck your energy and your life and use it to live on. That is why caregivers die as two people sucking off same life force you. Really think about the caregiving and support you can count on and how to set it up to survive. Medicade may take most of parent resources to take care of parent in nursing home. Cost between 7,000 to 14,000 per month. Have five year look back period for asset recovery. Are loopholes to this. Anyway caregivers need an award as is a very hard thing to do.
💕 it is very hard indeed, to say the least.
Here is a topic "generational wealth". The property/assets are not distributed but are kept in a trust for generations.
Can you tell me why the trustee of a irrevocable trust would not notify the beneficiaries and keep us involved in the activities of the accounts or monies it's been 3 years this has been a question that's been hanging over my head since the trustee never asked for addresses phone numbers or any way to keep in contact with any beneficiaries.
People Need you especially in these time with the laws constantly changing
How do I open a Probate case and bring up a Trust matter, grant myself Discovery? The cookie cutter Probate docs are all for submitting a Will with all supporting documents. My sister is VERY conniving and is withholding all Trust and Accounting from me and has already sold my Mother’s home without notifying me and appears to be making distributions to other siblings... but not me. I obtained one single paragraph from the Trust Lawyer which mentions I am a Beneficiary, so I know I have rights.
You need a lawyer bad.
Look up the trust laws. An accounting is available when it’s reasonable upon request. (It does take a bit of time to get those done.
?
File a petition in probate
As an Enrolled Agent that prepares 1041 returns your information is very helpful.
If I’m not satisfied with the accounting provided to me for my Mother’s Trust, 1) may I still petition the court for a motion to compel and 2) will that grant me Discovery so I can gain direct access?
Good question!
Great work and very helpful !!! But you should have more videos on when and when not to use a separate EIN (Tax Identification Number .... sometimes it is absolutely necessary I would think !?!
A person sets up a living trust and names a relative Trustee,and the person dies. What does the trustee do, when there are no heirs ?
Plz keep these videos coming!! Your info is so very helpful.
66624
You need to hire an attorney to file anything with the court, what can you do if you cannot afford to hire an attorney ?
I am a widow and have a trust. I have our home in a Lady Bird Deed. Is this any good to protect from Nursing Home? Only have 1 son as 100% of inheritance on everything. Or should home be in Trust? I'm worried about loosing everything if I ever had to go to nursing home. Whats should I do I live in Michigan. Thank you
Thank you for your very generous information! God bless you!!
Please so continue your a great speaker and I need any guidance I can get. I haven’t had piece of mind since 2008 when mom died.
💕
I thank you for your efforts to create these videos. Very helpful.
Thanks Wanda! Happy New Year to you and yours 😎
I'm dealing with my sister, in not communicating with the family, concerning my mom, in which has passed this year 2022 and have left her sibling property, but my sister has blocked all of us out of her life. Mom had a trust setup and not sure if she made my sister the trustee, she made her the power of attorney in taking care of her affairs while she was living, my siblings agreed to me taking mom's building, but my sister would not agree to giving me my role/written agreement with my name on something, so I texted, emailed, USPS, overnighted documents in seeking😪☹😮🙁😟😕 my role, specially when I'm paying the mortgage. I need to know how to go about finding/looking into my mom's trust?
The attorney addressed your question, and answered in this video.
He said at the beginning you may have to hire an attorney to resolve the matter and have the Trustee removed by the probate judge. Hopefully just a letter from an attorney may cause a new dawning to her to include you in the process going forward.
Question on RLT after last settlor dies: What tax forms are required for both the now irrevocable trust and the dead settlor?
Get a tax guy to help you. I did that.
You are doing a good job.
What does a trustee do if the person who owns the trust dies and there is no beneficiary of the trust named, and there are only the assets and
D the trustee left?
I have learned so much watching your video.
I've been paying the back Taxes on a house that's in a trust. My grandmother is deceased but her home is in a trust, I've been trying to get the home in my name without probate. How how can this be done?
So who is the Trustee? I'm far from being a lawyer but in my guessing, I'm wondering if you might be able to communicate with and make arrangements with the Trustee to have the home Quit Claim Deeded to you in your name?
Again, just a suggestion for you to inquire about with either the Trustee or an Estate or Trust Lawyer??
just a note: Revocable trusts do NOT keep you out of probate if you discover a breach of duties by the trustee and fire the trustee (example: a bank trustee lied in a recorded mtg about having turned over 1099's to a CPA, only to then call the couple's daughter 2 months later demanding the 1099's, one day before the IRS deadline). If you fire the trustee, they can file a petition diagnosing you as incompetent and keep you in probate court for years even after a GAL has found no evidence to support the diagnoses. Our aunt and uncle's estate was wiped out by attorney fees, thanks to their "trustee".
Trust is set up to distribute to each grandkid a certain monetary amount day after age 25. Trust is scheduled to terminate 90 days after last set distribution with remaining assets, including monies if a sibling had passed away, annotated shares of stocks and interests split equally between surviving grandkids.
If there is a provision in the trust against lawsuit, and I sue to enforce the execution of the Trust when it isn’t being executed, but I do not dispute the trust itself, would this still cause me to forfeit my inheritance?
You would not be disputing the will; you would be trying to get it enforced. Doesn't sound to me like it is being contested and should not be considered as such. But, I am not a lawyer.
Can the principal beneficiaries of a will who are siblings set up a trust to consolidate all assets for later distribution or for posterity?
what happens to insurance more after farther and left a minor with over 100,000
If the estate assets are disbursed, and my Sister closes the estate without distributing my inheritance, do I forfeit my inheritance?
In a irrevocable trust. Is there an overseer that must agree with the trustee before any action or disbursements can be made?
thanks for a great, educational program. -Steve Bissell, elder, Peacemaker, Brothertown Indian Nation
What can you do when one of the owners of the property won't sign to establish a trust? The owners of the property assigned at the date of death of the original owner of the said. property. Whatever light you can shed would be greatly appreciated.. Thanks.
If a part-owner of the property won't like to establish a trust then do it only for your part of the property. The part-owner of the property doesn't even need to know that you made a trust. In my wife's case, her parents owned 2/3 of the house, and 1/3 of the house own by his brother. They made a trust that their 2/3 ownership of the house would be passed to my wife. Because they are leaving everything to my wife and non to their other kids, they did not inform his brother and other siblings about the trust. The last settlor died in September of last year (2021). Needless to say, her siblings were furious when they found out about the trust and they are not getting a dime. For formality, my wife gave them a copy of the declaration of trust and a link to the Notice of trust of administration pointing out that they have 120 days to contest or 60 days to contest upon receipt of the notice.
Wonderful information. Thank you very kindly.
If I have a Revocable living trust and my husband and I are co-trustees , can my children benefit from the trust while we are alive or do I need to make a separate trust for them? How can I make sure our house stays in the family forever ( my husband gets it, then our children, then their children)?
why would you want that ?
With respect, I'd suggest that wanting a house to stay in the family forever is to put one's love of a house ahead of the future needs of the family. Descendents may not want to live in the house or even live in the same area as the house. A bunch of children and grandchildren aren't all going to live in the house. Which one will, and how will the all others feel about that? I think it's better to sell the house and have someone manage the proceeds to benefit the all the posterity in ways appropriate to their future circumstances and needs--for example, to help educate grandchildren.
@@davidfifer4729 I have the same issue but I want one individual to receive the house fir it to remain in the family. No exceptions, other family may receive a sum of money or nothing.
@@cbdimprovehealth8916List the order in which the beneficiaries may opt to purchase the house. If they pass, the next one in line gets the option to purchase the home. If all pass, the home is sold on the open market and the proceeds are divided equally among the beneficiaries. If one opts to purchase the home, that person buys out the others on the list and then owns the home.
Does not disclose that when there is a judgment against the beneficiary and the trustee holds the title of the assets in the irrevocable trust per trust terms,with both the beneficiary and trustee agreeing to NOT COMPLETE DISTRIBUTION thus the beneficiary NEVER receives the asset, that a court will issue a sequester order to take the assets directly out of the trust to fill the judgment to 3rd parties NOT a party to the trust, with the court ruling that the trust terminates upon the settlors passing turning the trust into a will as a guise for the court to gain false jurisdiction, upending the reason why the settlor created the trust. See Funk v. Fox 2017 U. S . Dist. Thanks Kevin, buyer beware
😄 I Love the windex teleprompter ☺️😋 you rock!
Your videos are very informative and helpful. I hope you continue these videos. What can I do when the trustee confiscated a bank account that had me as beneficiary?
My sister took over $400k from dad. Dad has dementia. Sister was POA… boy. You think you know people.
Get a lawyer!
Smart sister
The person that created mine and 5 siblings attorney who created the trusts lost his license
Hi, I just listen to this video. Was a word document provided on what to do when the trustee pass away? Thanks!
Does an underwriter have a right to do will
And trust
And if so how is
That possible
Hello, thank you for your video.
Can you please explain why higher interest rate is better for QPRT? I don't understand because i'm thinking the higher section 7520 rate is, which means higher discounted rate, isn't that the retained interest for the grantor is lower? The taxable gift= FMV of property - retained interest.
Isn't that higher rate more disadvantage for QPRT?
Thanks.
Thanks for the information. It’s been very helpful.
Lost of different types of trusts. How about a non grantor irrevocable type trust.
In the case of a Florida based trust of someone living where one or more of the co-Trustees of the estate each live in other States, upon that someone in Florida passing are each of the co-Trustees bound to their respective State laws when it comes to each of their 'health, education, maintenance and support' legitimate expenses after that main trust is split into one or more equal parts? Thanks ...
I so wish there were answers to a few of these very interesting questions and scenarios.
@@vivianmadisonmahoney9457 a year later, in my case, that Florida person did pass and now it all comes down to what was in that Florida persons last estate paperwork. With each of the 3 beneficiaries spread across 3 States, from a tax POV you follow your local tax requirements in my case. From a HEMS POV it's kind of an honor system in practice, but there was something in our FL estate paperwork to use an 'Independent Trustee' instead of the generally accepted 'self-managed' (unless / till someone challenges your) HEMS approach. Its always good to retain a local lawyer as you go through this. It takes a legal professional to read the loaded meanings in any Estate documents IMHO. ... Good luck
What about a corporation trust
When someone is in trust of do they get the money or does the account holder that died next of kin receive the money
New york city
Good info. Thanks
I live in England and found your information to have answered almost all my questions. I'm afraid I don't know where to begin. In the trust made it has both erevocable and revocable on it. No one ever explained what is ment by the two terms in one. I made the trust yet my husband is on it as the one who made it. This lawyer made himself as trustee to do more than us, and stopped My husband LPA COMING TO ME. WHEN I TOLD HIM MY HUBBY FELL ILL WITH PARKINSONS AND LLEWYBODY DEMENTIa
Paul... as an LSU grad will you become a "closet" Cincinnati Bengal fan now that Joe Burrow will be QB?
Forever Joe Burreaux 🙌
🤣
How can you change terms of a trust?
It is re-written.
Trustee dies. All Beneficiaries can’t be located.. now what🤷🏽♀️
Great channel
Thanks EB 👍
Very good.
I cant find my dads trust pls help
Watching this video in March of 2022.
Another important topic(especially for me). Parents had their Florida home put into Revocable Trust. Mom & Dad were the only Trustees, no beneficiaries listed. I am the Executor. If I 'buy-out' my siblings, for and agreed-upon amount, can I leave the Revocable Trust, as-is, with no additional Trustees added, or do I have to lawyer-up and have the Revocable Trust home, put-thru-Probate??
If they put the home in a trust, they would have given instructions as to what to do with the trust when they passed away. That is what a Trust does. Executors are for wills. Did they have a pour over will?
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Thank you for your information my question is I was researching a properties I have no relationship with this property and found that real estate property was a trust and the trustee listed is a church and the church building is non existent but the address is a home?
What happens when the lawyer who set up my trust dies? You have not answered that yet which is why I clicked on to this.
Why don't you talk about the scheme the social security has on your trust and that people don't know they all have one and it's Limitless
tell me more, por favor...
Ramblings, not helpful
Petition to remove the administrator
🕊🇺🇲💕
What happens when you set up a trust but in my state you have to live 5 years from the date it is filled. What happens if you die before the 5 year period?
Your help has been tremendous open up on Facebook just a thought
Great video