I recently communicated with you on a irrevocable family
I recently communicated with you on a irrevocable family trust that has problem of no authorized successor trustees. It appears the assets will be distributed the way the trust is written.There are 8 descent families from Mom and Dad. I am wondering if we can start another trust and have a representative from each family be trustors/trustee or is there a limit on the number of trustors for a family trust? Do you have any other suggestions for this situation?I think no one will be interested in another trust unless their is a representative from each family all on an equal level. The assets in the trust is land and a house.
If there is no estate property, meaning there is no probate
if there is no estate property, meaning there is no probate property, does an inheritance return still has to be filed?JA: Okay, I'll connect you to the Estate Lawyer to discuss this further with you. Before I do, is there anything else you want the lawyer to know?Customer: the property is not probate because it was given to someone in an irrevocable trust; the decedent only had joint bank accounts where there are 2 people on the account were both can deposit funds, withdraw funds, etc.
My parents are 78 and 79...both have cancer....7 living
My parents are 78 and 79...both have cancer....7 living children. They're home worth approx $90,000..... No other asserts . Should they deed house to children with life use? They are trying to leave something to their childrenJA: Because real estate law varies from place to place, can you tell me what state this is in?Customer: New yorkJA: Has anything been filed or reported?Customer: NoJA: Anything else you want the lawyer to know before I connect you?Customer: No
Mom created a Trust because atty said that would avoid
Mom created a Trust because atty said that wouldavoid probate... Now the court-appointed fiduciaryagent. also Trustee of her Estate. insists it must go thru probate, which will be lengthy and expensive...What is the truth???
Looking for trust info how do we proceed? Need information
Hi.. looking for trust info how do we proceed?Need information please. Would like to see what options you have in mind need to figure out my options. I need this wrapped up by new years.. 1 less thing on the bucket list. Lol
Are you familiar with intestate succession? My question
are you familiar with ky intestate succession?JA: No. I'm the estate lawyer's Assistant.Customer: My question concerns KY intestate succession.JA: What documents or supporting evidence do you have?Customer: I have a deed but not exactly sure what the language is saying.JA: Anything else you want the lawyer to know before I connect you?Customer: I have a deed of conveyance from my deceased mother who conveyed the land to my sister and I. My sister and I are the only 2 names/owners of the family farm. My sister suddenly passed and I don't know if her portion would go to her spouse. the deed of conveyance does not explicitly state joint tenants or survivorship. Plus, I don't know if the farm deed will need to be part of probate for her husband to present.JA: Since estate law varies from place to place, can you tell me what state this is in?Customer: KY
Barrister: Evil sister case here. Well, I am awaiting my
Hi Barrister: Evil sister case here. Well, I am awaiting my kids' statement from October on their last transfer of distribution to their accounts just to make sure it was sent before I sent evil sister the beneficiary form I have done. I have finished it for all 4 kids and to seal it better will have them notarize it. I have also written a letter for each of them to sign to attach to the form stating to her that she is obstructing the trust etc, by not providing them a bene form as requested for their vested accounts and that they can't be divested and that the triggering event which was death to dissolve the trust has occurred. The letter also states that legal counsel was sought in this matter and that siblings/beneficiaries will sue her personally should any one beneficiary pass away before age 30 to avoid her giving their share to anyone not specified. I will be having the kids notarize it soon and mail it. As for a will for them, (the bene trumps the will), I am still working on that, but she does not need to know that. I need answers from all kids on certain matters before putting each together and that is taking time, but in the meantime I am at least securing their inheritance with the bene form intent that she has denied and other accounts they have I am making sure they are doing POD on them (another child has a few dollars from a settlement) and an older independent child has a career etc and I have advised him the importance of making sure his retirement and life policies have bene forms etc and he owns no real estate yet. Which brings me to my question really after you can of course let me know if I am on track with the above.So, for myself, I have this question. My spouse and I have a trust. I have funded the trust with some accounts, and real estate. Life policies and retirement accts have beneficiary forms done from which I understand avoids probate, and for other accounts such as banks accts and investment funds. My question is this: Since I can assign bene forms for these accounts to avoid probate, does it still cause a problem if I am saying I do not want a beneficiary to receive monies until they are 30 unless for certain reasons? What I am saying is: If I put in my trust that they are not to receive their monies or at least a large percentage until age 30, will these POD beneficiary forms ignore that and just send my kids the money from a certain account because I filled out the POD and the executor has no say? I have found that many of these brokerage account firms make it easy to do POD etc instead of putting the account in the trust name which believe it or not, they put you through a lot more paperwork than you could believe. I currently have one firm where the account has it in the Trust name, and am doing another, but some are POD/TOD. I do know that avoid probate, just wondering if they get the money right away despite what I write in the trust. Wouldn't the executor be contacting these firms and saying how it goes (to transfer money to the estate in the beneficiaries names to be held?) I hope so. If not, I will I guess figure it out or not worry about it knowing that all real estate and some monies are in trust name, and maybe they will get some up front and not the rest for a while. (I plan on living long LOL). So please let me know how I am doing with evil sister and my question for my self. Thanks
My wife and I recently setup our wills and also setup a
Hello,My wife and I recently setup our wills and also setup a trust. The lawyer we had advised us to have 2 separate trusts. I wasn't sure about it so I went with it but it seems kind of odd to me each of us would have a separate trust.Is this normal whens setting up a trust?Thank you,K
My mother died recently. She left a will and a trust, and I
My mother died recently. She left a will and a trust, and I am the executor. Her death was a wrongful death and a medical malpractice attorney has investigated and accepted the case. They suggested that my sister file the wrongful death paperwork, since I am very busy with the trust administration. But after reading the info in this forum, I'm wondering about their advice.I have been reading the FAQs about Wrongful Death lawsuits and I have a couple of questions.Question 1: I read this in the JustAnswer Frequently Asked Questions:In the event of a wrongful death suit, or some Litigation which occurs on behalf of a decedent, would the suit be most likely filed on behalf of the estate of the decedent or can a child file a suit for their own benefit?The wrongful death lawsuit would be filed by the estate. Many times the child is granted executor of the estate. This should be filed while the estate is open. Typically the damages an individual files suit for include pain and suffering along with punitive damages. Often the costs and legal fees are also included.QUESTION: I don't understand what "by the estate while it is open" means. We are currently distributing the assets of the trust. Does distributing the assets have anything to do with keeping the trust open - can I complete splitting the assets or should I stop this to keep the estate open?QUESTION 2: I also read the following: In a wrongful death claim does probate have to be opened and who gets the wrongful death settlement funds?The executor of the estate is the only person that has the legal standing to bring a wrongful death action. With that being said probate will have to be opened in order to file a wrongful death claim. Distribution of the wrongful death settlement will depend upon certain factors and the specifics of the wrongful death case.Does this mean that only me - not my sister can file the wrongful death claim? And what does "probate will have to be opened" mean? By using the trust, we are avoiding probate, right?Your expertise is very appreciated!