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Dimitry K., Esq.
Dimitry K., Esq., Attorney
Category: Legal
Satisfied Customers: 38795
Experience:  Multiple jurisdictions, specialize in business/contract disputes, estate creation and administration.
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Hi Dimitry, OK back from NY. Would like to pick up where

Resolved Question:

Hi Dimitry,

OK back from NY. Would like to pick up where we left off. I am looking at the will now, which has two amendments. I believe this is a pour over will. That would mean everything that is not in the trust would have to be put in upon my father's passing, to the original trust? Or are can the separate trusts be set up amended to this?
Submitted: 1 year ago.
Category: Legal
Expert:  Dimitry K., Esq. replied 1 year ago.

Hi Gigi, thank you much for requesting me to assist you further. Would be happy to continue assisting you at this time.

In terms of the will, a 'pour over' will can either pour the assets over into an existing trust, or it can create a new testamentary trust solely for probate purposes. Please review the language to see which is which--if the other trust is listed by name, then the funds go into it. I just suspect that is not the case if the initial trust is 'irrevocable'. Once a trust becomes 'irrevocable' and 'closes', no new assets can be put into it. If that existing trust is still revocable then new assets can still be put in including from the pour-over will provisions.

Please let me know if that makes sense and please let me know if I can clarify further.

Good luck!

Customer: replied 1 year ago.

The language states


 


3.2 Disposition of Residue. I give the residue of my estate to the trustee of the EMDM Family Trust, created under the declaration of the trust executed on the same data as, but immediately before the execution of this will, bu Eugene Morong and Dorothy Morong as settlers and trustees. The Trustees of that trust shall add the residue of my estate to the trust principal and hold, administer, and distribute the property in accordance with the provisions of the declaration of trust, including my amendments f the declaration of trust that have been made or the execution of this will.


 


3.2 Alternate disposition of Residue. If the EMDR Family Trust has been revoked, terminated or declared invalid for any reason, I give the portion of the residue of my estate not taken to the executor of this will, as trustee, who shall hold, administrator, and distribute the property under testamentary trust, the terms of which shall be identical to the terms of the EMDM Family Trust that are in effect on the date of execution of this will.

Expert:  Dimitry K., Esq. replied 1 year ago.

Gigi,

Thank you for your follow-up. In that case it would appear that the family trust is revocable as it is not yet closed. The second section describes exactly what I was discussing, a creation of a new testamentary trust solely created for probate purposes.

Good luck.

Customer: replied 1 year ago.

You are sure it is revocable? Is there any where else that i would look to see where it would state that it is not? This would be very good news!

Expert:  Dimitry K., Esq. replied 1 year ago.

Gigi,

You would need a trust specialist to review the language, but almost invariably 'irrevocable' trusts cannot lawfully accept new funds. Once a trust is 'closed', it is closed for subsequent assets. So if this trust is slated to receive more assets, it is not yet closed. But even still it may simply be easier to modify the will and send the proceeds elsewhere and not this existing trust.

Good luck.

Customer: replied 1 year ago.

I understand. Thank you so much once again for your time and expertise!


 


Best,


 


Gigi

Expert:  Dimitry K., Esq. replied 1 year ago.
Gigi,

You are most welcome, truly! Glad to help. Please let me know if I can assist you further and please be well!


Sincerely,


Dimitry, Esq.
Dimitry K., Esq., Attorney
Category: Legal
Satisfied Customers: 38795
Experience: Multiple jurisdictions, specialize in business/contract disputes, estate creation and administration.
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Dimitry K., Esq.
Dimitry K., Esq.
Attorney at Law
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Multiple jurisdictions, specialize in business/contract disputes, estate creation and administration.