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My mother passed away in 2008 from cancer. My mother had a

Customer Question
trust drawn up with her...
My mother passed away in 2008 from cancer. My mother had a trust drawn up with her 1/2 of my parents total worth put into a trust with my father having usafruct of the trust. How exactly does this work? Do items inside the trust need to stay? If my father sells an item, does the value need to be replaced? When is that money transferred to my brother and I?
Submitted: 2 years ago.Category: Estate Law
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12/1/2015
Estate Lawyer: Barrister, Attorney replied 2 years ago
Barrister
Barrister, Attorney
Category: Estate Law
Satisfied Customers: 39,463
Experience: 17 yrs estate law, real estate. Wills/Trusts/Probate
Verified

Hello and welcome! My name is ***** ***** I will try my level best to help with your situation or get you to someone who can.

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Can you tell me what state you are in? (LA?)

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Who is the trustee of the trust?

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Does the trust give father the right to have the trustee sell trust assets for his expenses?

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What it the stated purpose of the trust? (support father and then pass to children?)

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What does the trust state about when it is to terminate and the assets be disbursed?

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thanks

Barrister

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Customer reply replied 2 years ago
La, correct. The trustee would be my brother and I. I don't know about the right to sell. I'm assuming the trust was to protect my mothers 1/2 of the assests for my brother and I after my mothers passing. I would also have to locate the trust to find this answer.
Estate Lawyer: Barrister, Attorney replied 2 years ago

Ok, if you are the trustees, then you need to review the trust to see what powers father as a beneficiary has to the assets. A usufruct is basically a "life estate" where the beneficiary has the right to use the assets in the trust for a certain time, usually their lifetime. Then once their time period for use expires, the assets then transfer to the "remaindermen" and they become the sole owners.

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Whether father has the right to force the trustee(S) to sell assets and what he is allowed to do with them would be in the trust itself. If it is a typical trust, then he has the right to income from the trust to use for his lifetime, but couldn't force the sale of assets unless there was some serious occurrence, like a health issue. This assures that he has the right to use the income, but not deplete the assets so that they can transfer to the remainder beneficiaries (i.e. you and brother) when father dies.

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So to know for sure, you really need to review the trust to see what father's rights are.

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thanks

Barrister

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Customer reply replied 2 years ago
Can I upload a copy in the morning for you to give me a better understanding of what is going on? If there was theoretically 1 million dollars of assests in the trust. There should always be arlt least 1 million left in there?
Estate Lawyer: Barrister, Attorney replied 2 years ago

Sure, the question will remain open for you to upload the trust tomorrow....

..

thanks

Barrister

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Barrister
Barrister
Barrister, Attorney
Category: Estate Law
Satisfied Customers: 39,463
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Experience: 17 yrs estate law, real estate. Wills/Trusts/Probate

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