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ScottyMacEsq
ScottyMacEsq, Attorney
Category: Estate Law
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Experience:  Licensed Texas General Practice Attorney
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A relative passed away last year leaving less than 5 million

Customer Question

A relative passed away last year leaving less than 5 million in trust for four beneficiaries by equal percentage. I am one of two trustees as well as a beneficiary. Three of the four beneficiaries can have their share of assets distributed to them, and the fourth ben. must wait until attaining age 30.
Question: after the assets are distributed to the three beneficiaries, should a separate or new trust/FBO be set up for the fourth ben and his assets moved to it, or can the original trust be used (which has a federal ID#)? No requirement for a new trust is required by the original trust.
Submitted: 1 year ago.
Category: Estate Law
Expert:  ScottyMacEsq replied 1 year ago.

ScottyMacEsq :

Thank you for using JustAnswer. I am researching your issue and will respond shortly.

ScottyMacEsq :

It is not necessary to start another trust for the benefit of this 4th individual, so yes, the original trust can be used if the trust specifically has the limitation that he not receive the distribution until 30. Sometimes a new trust is started, because of simplicity, if certain provisions of the trust are inextricably intertwined with the concept of multiple beneficiaries. But if it's pretty clear that the trust can operate with 1/4 of the original amount and without any worry of the other beneficiaries making claims to any interest, etc... then there's no reason to start a new trust. The existing trust should be fine.

ScottyMacEsq :

Hope that clears things up a bit. If you have any other questions, please let me know. If not, and you have not yet, please rate my answer AND press the "submit" button, if applicable. Please note that I don't get any credit for my answer unless and until you rate it a 3, 4, 5 (good or better). Thank you, XXXXX XXXXX luck to you!

Customer:

Thank you for your answer, I will review the trust again to be sure..Ed

ScottyMacEsq, Attorney
Category: Estate Law
Satisfied Customers: 12230
Experience: Licensed Texas General Practice Attorney
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