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Richard
Richard, Attorney
Category: Estate Law
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Experience:  29 years of experience practicing law, including tax and estate planning.
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An elder couple creates an inter vivos trust with a situs in

Customer Question

An elder couple creates an inter vivos trust with a situs in Texas.
They name themselves original Trustees and primary Beneficiaries
They name their five issue beneficiaries with HEMS considerations second only to the Grantors themselves.
Dad dies and as the second Grantor weakens two of the issue, working with Mom’s atty, secretly seize control of the trust claiming to be trustees and spending trust money like it was their personal piggy bank. When Mom dies they refuse to answer or account to the others.
SITUATION
One of the disenfranchised files a breach of fiduciary suit in the general state court as a beneficiary seeking accounting and disclosures.
A second disenfranchised then files suit in state probate court as executor of the “Estates” raisng the same claims as the first suit.
Both Grantors have pour over wills naming the trust as the only heir.
QUESTION
Who is the real party in interest, the beneficiary of an heir-in-fact trust or the executor of the estate?
Submitted: 11 days ago via Cornell Legal Info Institute.
Category: Estate Law
Expert:  Richard replied 11 days ago.

Hi! My name is Richard & I will be helping you today! It will take me a few minutes to type a response to your question. Thanks for your patience!

Expert:  Richard replied 11 days ago.

Good morning Luis. Both parties are appropriately parties in interest. The executor has standing to sue because as executor of the estate, the executor has a responsibility to represent the administration of the estate so the probate assets can be transferred to the trust pursuant to the pourover will. The beneficiary of the trust has standing because the beneficiary is the ultimate recipient of the assets so the beneficiary is an injured party as well.

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Expert:  Richard replied 11 days ago.

I just wanted to let you know that I will be away at a meeting for the next couple of hours Should you have a follow up while I’m away, I will address it immediately upon my return. Thank you in advance for your patience. I apologize for any inconvenience.

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