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lwpat
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Category: Legal
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Experience:  Actively practicing trial attorney
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my mother recented passed and named one of my brothers and

Customer Question

my mother recented passed and named one of my brothers and i as succesor trustees -- in the documents, it says that we need to accept in writing. Is there a specific form to use? also, since she has various assets -stocks, bonds, cds, etc... although the will says to liquidate and distribute, do we have the right to hold onto some assets or reissue shares -- divide equally per the trust note? also are there any court mandated filings other than the tax filings (accounting) documents that we're aware of? Thanks...
Submitted: 4 years ago.
Category: Legal
Expert:  Ely replied 4 years ago.
Hello,



My name is XXXXX XXXXX X am one of JustAnswer's attorneys. I'll be helping you resolve your matter today.



I am sorry about your mother. When you say successor trustees - do you mean your mother was living off the trust? Or do you mean you are the BENEFICIARIES of her will? And if so, who is the EXECUTOR - the person in the will appointed to do everything?



Customer: replied 4 years ago.

Dear Eli --

there was a revocable living trust.. my brother and I are named as the successor trustees and the will states that we liquidate and distribute the estate equally among the four siblings after a few specific bequests..

Customer: replied 4 years ago.
Relist: No answer yet.
Expert:  Ely replied 4 years ago.
I am going to opt out of your answer and let another expert opt in to help you. No need to respond to this message. Additionally, you do not have to stay online – your question will remain active and an email will be sent to you as soon an expert answers it. My apologies for the inconvenience. You have not been charged. Good luck.
Customer: replied 4 years ago.
Thanks... I'll follow up locally as I have not heard from anyone even after I relisted.
Expert:  lwpat replied 4 years ago.
Here it sounds like everything has been taken care of except the house. Since this is real propety there are deeds in the name of the trust. You need to fill out and file in the counties where the real estate is located a form similar to the following

Notice of Substitution of Trustee

The undersigned beneficiaries hereby appoints ___________ _______________________________________________________________ _______________________________________________________________ _______________________________________________________________ as successor trustees under the trust deed executed by ____________________ as trustee, and recorded ________________, _____, in _________________ county in book or docket _________________, page ______________, and legally describing the trust property as:

(legal description of trust property)

The successor trustees appointed herein qualifies as a trustee of the trust deed and are authorized to act in the trustee's capacity of the _________ Trust and to have all the powers of the original trustee, effective immediately.

Dated this _______________ day of ________________, ____.

____________________

Signatures

witnesses

notary

 

You can wait and file this when you transfer the property and also file the death certificate. As trustees you have the authority but you should consult the beneficiaries and I always recommend that you get written approval.

Customer: replied 4 years ago.

Dear Wayne --

 

Thanks for reply... looks similar to what we received from local attorney contacted by friend. Unfortunately, we had bank meeting at 9am yesterday morning so since I didn't get response from Eli and hadn't used this site before... when I answered, I guess it went back into the pipeline.

 

Once again, I apologize for any inconvenience...

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