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I am going to be speaking with my Mom tomorrow about setting…

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I am going to be...
I am going to be speaking with my Mom tomorrow about setting up a revocable living trust. I am current co-owner on most of her bank accounts so it would only be for her house and car.Per her wishes in her will she wants the estate split 50/50 with my sister, but my sister only gets $500 a month until the money is gone. I would be the beneficiary of the trust. To accomplish the plan with my sister am I am to open bank accounts in the name of the trust after my mom has died? My plan would be to open an account put my sisters share in it and setup a monthly automatic payment.
Submitted: 3 months ago.Category: Estate Law
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Answered in 6 minutes by:
3/9/2018
Estate Lawyer: Barrister, Attorney replied 3 months ago
Barrister
Barrister, Attorney
Category: Estate Law
Satisfied Customers: 42,099
Experience: 17 yrs estate law, real estate. Wills/Trusts/Probate
Verified

Hello and welcome! My name is ***** ***** I am a licensed attorney and will try my best to help with your situation. There may be a slight delay in my responses as I type out an answer or reply.

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If mother sets up the trust, she can name you as trustee and direct that half the assets in the trust go into a separate account with you as the trustee of that to disburse to sister at $500 a month if she chooses. Trusts are incredibly versatile and give the maker the power to do just about anything they want too with their assets.

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So she can just direct in the trust that you get your half and the other half stays in the trust for you to distribute to sister at $500 a month..

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thanks

Barrister

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Customer reply replied 3 months ago
I understand that. However, we probably won't have the account created ahead of time. Am I am to open on after her death in the trusts name?
Estate Lawyer: Barrister, Attorney replied 3 months ago

If she creates a trust, she would put her assets into it prior to her death or though a "pour over will" at at death... Either way, it doesn't matter as the assets would go into the trust with you being charged with the task of distributing sister's half over time as directed in the trust..

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Estate Lawyer: Barrister, Attorney replied 3 months ago

Hello again,

.

I just wanted to touch base with you and check in.

.

Did you have any further questions I can help with?

.

.

Thanks much

Barrister

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