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Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Estate Law
Satisfied Customers: 111457
Experience:  Experienced in Trust and Succession Law, including Louisiana Laws
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My sister and I are the beneficiaries of am irrevocable

Customer Question

My sister and I are the beneficiaries of am irrevocable trust. Our mother passed. Are we required to close the trust or can we withdraw and spend the money until it is gone.
Submitted: 1 year ago.
Category: Estate Law
Expert:  Law Educator, Esq. replied 1 year ago.

Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.

If the trust requires that it be closed upon passing of your mother. The trustee has to make a final accounting of the trust, pay any taxes or bills due and then make a distribution to the beneficiaries in accordance with terms of the trust. If the beneficiaries agree, a new irrevocable trust can be formed for the beneficiaries with a new trustee put in place for the trust to continue. If you do not want to form a new trust, you cannot just withdraw and spend the money, you need to have the trustee wind up the trust as I said and provide each beneficiary a copy of the final accounting and make them sign a waiver of liability of the trustee and acceptance of the accounting before distribution is made to them.

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