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If you have, and have had to take over the trust after the death of the grantor.... I have some questions.
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That whoa 5.0 guy who had the bimbo lawyer looking for him.WH -
I'm the Trustee on our two family Trusts but both grantors are still living and the trust will not be funded until their deaths...
I wouldn't want to do it unless you're really close to the grantors as death brings out the worst in people, family or not.
mardynComment
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The grantor is my wife's dad, she is sole trustee, he passed away a month ago, we are tracking things down... had some general questions...Originally posted by mardyn View PostComment
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Not sure I'd be much help... you pretty much just follow the instructions the grantor provided for the trust.
Problems arise when the new trustee disagrees with what those instructions direct her to do... if the situation has changed (since the trust was created) and the trust is revocable, the trustee might be able to have some changes initiated.
Current Example:
My late Uncle's trust directs that a large sum of money goes to a local hospital that is now defunct and closed down...
but the hospital foreign ownership group still have the charter and therefore could stand to gain several million dollars from the trust even though they provide zero services to the community the trust was intended to benefit.
The Trust is non-revocable and the trustee (my cousin) is struggling mightily to figure out a better solution that my late Uncle would have wanted.
Use caution and consult a trusted attorney would be my advice.
mardynComment
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In our case my wife is trustee. Used to be a bank, years ago. Then in the middle of all the Articles and instructions there was a distribution schedule, to my wife, based on the bank being trustee.
She was then changed to being the trustee and sole beneficiary of the will. But the distribution schedule was not changed. A lot of other murky stuff in the middle section of trust.
There's 3 different banks, share certificates in each, in San Antonio, and life insurance companies elsewhere.
We needed a Certificate of Trust, and the First and Last page of the trust ONLY, plus a TIN #, then open account at a local bank, mail / fax / email the trust docs plus death certificate to institutions, liquid, get checks, deposit in local accounts.
Just takes a lot of phone calling and diligence when the banks are in one state, attorney is in another, and we are in yet another.
We did finally have a productive conversation with an attorney.Comment
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"Sole Beneficiary" = Good
mardynComment
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