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My husband said my mother in law is the 1st trustee and that

I am the 2nd (his...
my husband said my mother in law is the 1st trustee and that I am the 2nd (his wife), what does that mean should god forbid anything unforeseen happen to him, how will my children be protected financially (and business assets)
JA: Estate laws vary by state. What state are you in?
Customer: hawaii
JA: What documents or supporting evidence do you have?
Customer: he just signed the paper work last Friday and he said he did it that way so my name doesn't pull up on public record? I don't even know what that means. but he will show me the work later. I was just trying to get a better understanding about it. He own's a real estate business (developing homes and flipping some/renting some)
JA: Anything else you want the lawyer to know before I connect you?
Customer: what does 1st and 2nd trustee mean and what rights do each have. he is also putting the will in that trust, but I guess I didn't know what a trust was, what a will in the trust is for? etc.
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Answered in 5 minutes by:
7/14/2017
Loren
Loren, Attorney
Category: Estate Law
Satisfied Customers: 35,875
Experience: 30 years experience in the practice of estate law.
Verified

Thank you for using JA. I am Loren, a licensed attorney for over 30 yrs. Thank you for your patience as I review your question. I will post my response shortly.

Be aware, however, this is general information and no attorney client relationship is established.

The site may ask you if you wish to speak by phone for an extra charge. While I am happy to speak to you, if you wish, I am also happy to continue online. So, there is no pressure to spend extra money. Some people just prefer the speed of a phone call and that the information not be posted on the public forum.

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When there are designated first and second (and possibly additional) trustees, it means, unless otherwise specified, that the first trustee is the immediate trustee and the second trustee is the successor in the event the first trustee dies or is unwilling or unable to continue as fiduciary.

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Customer reply replied 6 months ago
his mom has all the say? I was just concerned as we have 4 children and I didn't quite understand what he was telling me to the effect of her name will go on public record but my name wont show up? He said he was protecting me in that case, should anyone try to sue him, they would come to me next but because he put all his business and will in a trust its protected? I guess he just was thinking of worse case scenarios and I of course was confused on what all that meant.

Yes, if he appointed his mother a s first trustee then she will have the fiduciary authority, unless the trust states otherwise.

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Did you have further questions? I am happy to continue if you do.

Otherwise, have I answered the question to your satisfaction?

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Customer reply replied 6 months ago
you are good im done thank you

You are very welcome.

If you have no further questions, and have not yet done so, please remember to leave a favorable rating (click 5 stars in the rating section on this page). It is the only way that I am credited by JustAnswer for answering your question.

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Thank you!

Loren

Loren
Loren, Attorney
Category: Estate Law
Satisfied Customers: 35,875
Experience: 30 years experience in the practice of estate law.
Verified
Loren and 87 other Estate Law Specialists are ready to help you
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Loren
Loren
Loren, Attorney
Category: Estate Law
Satisfied Customers: 35,875
35,875 Satisfied Customers
Experience: 30 years experience in the practice of estate law.

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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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