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On July 31, 2013 I asked a question concerning my parents trust.

The trustee has taken the...
On July 31, 2013 I asked a question concerning my parents trust. The trustee has taken the position that since Mom is still living and resigned as trustee she is the sole beneficiary at this time. The trustee is the youngest child and feels that the other children have no beneficiary rights until the time when Mom dies. Is that correct or would the other 3 children be considered "qualified" beneficiaries? Thank you.
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Answered in 7 minutes by:
8/23/2013
Loren
Loren, Attorney
Category: Estate Law
Satisfied Customers: 35,825
Experience: 30 years experience in the practice of estate law.
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Thank you for using JustAnswer. I am JudgeLaw and I will do whatever I can to answer your question and provide you excellent service.

The term “beneficiary” refers to the universe of persons who have a beneficial interest in a trust as well as to any person who has a power of appointment over trust property in a capacity other than as trustee. It is immaterial for this purpose whether the beneficial interest is present or future, vested or contingent, or whether the person having the interest is ascertainable or even living.

So, yes, the children could be qualified beneficiaries.

Thank you.

JudgeLaw
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Customer reply replied 4 years ago


How do we determine if we are qualified beneficiaries and, if so, would we be entitled to receive copies of the trust and annual accountings? How de we go about perfecting our rights?

You are not entitled to a copy of the trust unless your interest is vested and current.

Otherwise, you would need to sue the trustee.

Thank you.

JudgeLaw
Loren
Loren, Attorney
Category: Estate Law
Satisfied Customers: 35,825
Experience: 30 years experience in the practice of estate law.
Verified
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Loren
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