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My husbands dad has a living trust. my husband and his

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My husbands dad has...

My husbands dad has a living trust. my husband and his sister was named in the trust. his sister got the property and my husband got the money. The sister has died would that make my husband the sole trustee?

Lawyer's Assistant: Have the trust documents been finalized? What are the basic terms?

Finalized at the courthouse.

Lawyer's Assistant: Estate planning laws vary by state. What state are you in?

We are in ky. his dad lives in Idaho that is where the trust is

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

His dad has made a new trust. listing the sisters son in the trust to get the property since the dad had listed the daughter to get it. I don't know

Submitted: 11 months ago.Category: Estate Law
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8/10/2017
Estate Lawyer: Attorney2, Attorney replied 11 months ago
Attorney2
Attorney2, Attorney
Category: Estate Law
Satisfied Customers: 8,859
Experience: 30 Years in General Practice and Estate Planning
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Welcome and thank you for your question.

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Estate Lawyer: Attorney2, Attorney replied 11 months ago

The Trust laws that would govern the Living trust would be the State that the Settlor (your husband's father) resides in.

You stated "his sister got the property and my husband got the money. The sister has died would that make my husband the sole trustee?" Was the property and the money already distributed to the sister and your husband or is this something that would happen when your father in law passes?

If the father is still alive and no trust assets have been distributed (given to the sister or your husband) your father in law is free to change the terms of his living trust.

Are you asking if the new trust is valid?

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Customer reply replied 11 months ago
property and money NOT distributed. is new trust valid?
Estate Lawyer: Attorney2, Attorney replied 11 months ago

Thank you so much for the clarification. The only way the new trust would not be valid is if the first trust was irrevocable. If it was irrevocable the Trustee would need to strictly follow the requirements as set out in the trust.

If this is a revocable trust the Settlor (father-in law) can absolutely change the trust and it would be legally valid if the trust meets the Alabama State law requirements for a valid living trust.

Do you know if the first trust was revocable?

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Estate Lawyer: Attorney2, Attorney replied 11 months ago
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Estate Lawyer: Attorney2, Attorney replied 11 months ago

"Since living trusts are created during one’s lifetime, they can be either revocable or irrevocable. A "revocable trust" or "revocable living trust" is one that can be amended or changed, or even terminated, during the grantor’s lifetime. In almost all cases, it is the grantor who reserves this right when the trust is created. Even so, the trust becomes irrevocable upon the grantor’s death because only the grantor retains the right to amend or terminate the trust.

An "irrevocable trust" or "irrevocable living trust" is one that cannot be amended or changed, or even terminated, during the grantor’s lifetime. Once created, an irrevocable trust is governed exclusively by the terms of the trust instrument without any control by the grantor." https://www.livingtrustnetwork.com/estate-planning-center/revocable-living-trust/faqs-about-revocable-living-trusts.html

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Estate Lawyer: Attorney2, Attorney replied 11 months ago

Please do not hesitate to ask me any additional questions that you may have with regard to this matter. It would be my pleasure to continue to assist you.

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You may not be familiar with how the site works. The Attorneys to not receive credit from the site for their time or with customers unless the customer provides a positive rating. We answer your questions in good faith, hoping for a good faith response regardless of whether the law is in your favor or not. If you were unhappy with my service please let me know that you would prefer to work with another Attorney and I will opt out. Thank you for your consideration.

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Estate Lawyer: Attorney2, Attorney replied 11 months ago

Do you have any additional questions for me?

If you would be kind enough to rate my service positively so I will receive credit for my work from the site I would appreciate it.

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