I have a Trust on my step father now a man came to our door after 50 years telling us he is his son.Do I need to worries about my father trust?
Country relating to Question: United States
Hello and thank you for allowing me the opportunity to assist you.I'm not entirely sure what you mean by stating that you have a trust on your step father. Do you mean that your step father created a trust and that you are a beneficiary of the trust? If so, then you do not need to worry about the new son appearing out of nowhere because the trust agreement determines how the trust's assets are distributed. If the new son is not a beneficiary in the agreement, then he will not get anything from the trust.If you would like any additional information or need clarification, please do not hesitate to ask! Also, I strive to be as helpful as possible so that you are satisfied. Accordingly, please remember to give me positive feedback (doing so does not end our discussion). If you feel the need to rate me poorly, please stop and instead of rating me, reply via the REPLY or CONTINUE CONVERSATION button with the issue that you have. I will be happy to continue our discussion and do everything that I can to provide you with the service that you seek.Thank you.
Yes we have trust on my father I am executor and my worries are this person will try to take me to court for money,What can I do to keep this from happening my dad is still alive.
Hi again.Unfortunately, there is nothing that you can do to prevent the person from taking you to court. He has that right. Of course, that doesn't mean that he has a good case. If the trust agreement does not list this new person as a beneficiary, then he is not entitled to any of the trust's assets. It's fairly straight forward, so I can't think of a viable argument that the person would make to argue that he is entitled to anything in the trust.Also, and this is just an FYI:You wrote: "Yes we have trust on my father I am executor." However, you don't have a trust on somebody. A person sets up a trust. A person has a trust. A trust is not on a person. Also, the word "executor" generally refers to a person managing an estate. A "trustee" refers to a person managing a trust. I just wanted to make those points so you can explain the situation clearly if necessary (i.e., if you need to hire a lawyer). If you would like any additional information or need clarification, please do not hesitate to ask! Also, I strive to be as helpful as possible so that you are satisfied. Accordingly, please remember to give me positive feedback (doing so does not end our discussion). If you feel the need to rate me poorly, please stop and instead of rating me, reply via the REPLY or CONTINUE CONVERSATION button with the issue that you have. I will be happy to continue our discussion and do everything that I can to provide you with the service that you seek.Thank you.
Licensed to Practice Law
Do you feel that it would be in my best interest to put the estate in my name? Will this be beneficial to me at all? Or will it make my case even more solid? My father is alive and competent and he denies any knowledge or the possibility of any other children. He basically scoffed at the situation. I just want to make sure I am doing everything I can to protect myself and my family. Thank You
Hi again.If the trust is revocable, then your father can revoke the trust and give you his assets now. If he does that, then clearly the other person would have no claim to the assets since you would own them. On the other hand, if the assets are worth more than $5 million, then your father would need to pay gift tax. If the trust is irrevocable, then it's a non-issue because your father cannot remove the assets from the trust. Personally, I don't see a benefit of you getting the assets now as opposed to later via the trust (at least not a benefit that pertains to the other person).
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