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socrateaser
socrateaser, Attorney
Category: Estate Law
Satisfied Customers: 34117
Experience:  Retired (mostly)
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I am a trustee of a friends trust and I have distributions

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I am a trustee of a friend's trust and I have distributions to be made and it looks like some are listed twice. what does under Specific Requests. "the trustee shall distribute free of trust: ? and "The trustee shall have the real property known as.....sold and the net proceeds shall be distributed as follows:? Some of the names and amounts are listed under both of these categories and I don't know if I am supposed to pay some of the beneficiaries listed under both of these categories twice? The only thing my friend has to pay her beneficiaries is the money from the sell of her house.   Also, she has what I would guess most of her money from the sell of the house going to her beneficiaries. What if the house meet her anticipated sell price and there is not enough money to pay the beneficiaries, when you include the real estate agents fees and how do I get my trustee fees? can I cut their amount down?.    Trying to do what's right but lost!
Submitted: 5 years ago.
Category: Estate Law
Expert:  socrateaser replied 5 years ago.

"Specific Bequests" are generally distributed before "General Bequests."

 

"Free of Trust," means without further obligation to trustee, for instance, real property could be distributed such that only the right to live in a home is granted. This would not be "free of trust."

 

"...sold and the net proceeds shall be distributed as follows," means just what it says. Trustee must sell the home and distribute the net proceeds per the trust.

 

"Some of the names and amounts are under both of these categories and I don't know if I am supposed to pay some of the beneficiaries listed under both of these categories twice?"

 

That's one for a court, unless you can get the beneficiaries to sign a settlement and release by which they agree on an interpretation of the trust instrument.

 

 

"What if the house meet her anticipated sell price and there is not enough money to pay the beneficiaries, when you include the real estate agents fees and how do I get my trustee fees? can I cut their amount down?"

 

Specific bequests go first, then from what's left the beneficiaries take a proportionate amount of the remainder. If there's nothing left, then there's nothing left. Easiest way out is to get beneficiaries to negotiate a settlement among themselves. If cannot be accomplished, then hold the money and invite the beneficiaries to petition the court for a final determination (huge waste of money, though).

 

 

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Customer: replied 5 years ago.
<p> </p><p>Thank you for your response. Just some added info. The beneficiaries total 39 so it would be very difficult for me to get everyone on the same page. The trust and will was just completed and the Trustor is still alive but is very sick. I as her first trustee and power of atty know what she meant to do and she didn't mean to include duplicate names. She had a set amount going to each beneficiary.   Since I have been in contact with her lawyer and this is a new will/trust, is there away he can correct this error while she is still alive and what needs to be done? If so, what would that entail?   And I am a little dense. Can you explain in layman terms what it means to be without further obligation to trustee? Some things included in that list are paintings, money etc to specific people.</p>
Expert:  socrateaser replied 5 years ago.

Okay.

 

"...without further obligation to the trustee," "free of trust," etc., means that you are making a final distribution with no further strings attached.

 

Re your other question, as long as the trustor is still living and legally competent, then the trust may be amended to fix any inconsistencies. You don't need to completely revoking the existing trust and replace it with a new instrument.

 

Finally, the fact that you "know" what the trustor wants, is irrelevant. What matters is what the trust instrument says -- nothing else.

 

 

Customer: replied 5 years ago.
Hi, I just want to let you know how helpful your information has been and I do intend to accept with just one final answer. How do you amend the trust? Also I just thought of one last final loose end. How do you get a death certificate from the coroner in the event he dies?   Thank you again for your simple explanations to a complicated document.
Expert:  socrateaser replied 5 years ago.

How do you amend the trust?

 

*You amend a trust with an amendment -- which is just another contract, like the trust, between trustor and trustee, that revokes and replaces the portions of the trust that the trustor wants to amend.

 

Also I just thought of one last final loose end.

 

*Groucho Marx suddenly comes to my mind...but I shall restrain myself.

 

How do you get a death certificate from the coroner in the event he dies?

 

*A death certificate is public record, so you can just go to the coroner and ask for a copy.

 

Thank you again for your simple explanations to a complicated document.

 

I can resist no longer.

 

*I've had a perfectly wonderful evening, but this wasn't it! - Groucho Marx

 

Just kidding...you're welcome and good luck.

socrateaser, Attorney
Category: Estate Law
Satisfied Customers: 34117
Experience: Retired (mostly)
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