Questions tagged [trusts-and-estates]

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Why can a trust be valid, but unenforceable? But not contracts?

I am quoting two Oxford University Law professors. Aruna Nair wrote Thus, while a trust of land may be created orally, a beneficiary will not be able to enforce any interest under it unless the trust ...
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12 votes
2 answers
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Does a squatter's executor have tenant rights after the squatter's death?

In California, "Bob" was living rent-free for years in exchange for caretaking and minor repairs. There wasn't any written contract. Six weeks ago, Bob's sister "Sue" began to ...
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Death of a Grantor and taxes

Imagine Paul sets up a defective irrevocable grantor trust for his daughter Mary. After the death of Paul, does the trust have to get an EIN number and file a separate tax return? Is there a way that ...
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Merging two trusts - Is Court Approval required?

If there are two different trusts with the same beneficiary, it is my understanding that they can be merged. If so, to merge them do you need approval from a court. If it is not needed is it safer to ...
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Are these two trusts substantial identical?

The following is a quote from IRS Instructions for form 1041: Two or more trusts are treated as one trust if the trusts have substantially the same grantor(s) and substantially the same primary ...
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What happens to the heirs/successors of Medicaid recipients who are members of Special Needs Trusts?

US and NYS here. I am reviewing options to try and get my elderly mother (she's 75 and quite sick with miscellaneous heart, lung and vacularity problems) eligible for Medicaid. I was told about Pooled ...
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1 vote
1 answer
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How would this non-grantor trust be taxed?

Paul sets up a irrevocable non-grantor trust for his adult daughter Sue. He funds the trust for $200,000. In the first year, the trust earns $15,000 from investments. The trust does not distribute any ...
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One Trust paying out to another Trust

If a person has setup a living revocable trust, can that person put a clause in the trust that upon death of the grantor the assets of the living revocable trust be paid out to a different trust that ...
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1 answer
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How to find out whether direct transfer is an option for a spousal rollover

Let's say person #1 and person #2 are married. Person #1 has a retirement plan which is administered at company #1. Person #2 has a retirement plan which is administered at company #2. Person #1 dies, ...
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Lawyer Response and feedback time standards

What is a lawyer decorum for response time? I had deposited a Cashier check to an estate lawyer on Friday. They still have not responded or deposited money into the trust account, despite phone calls ...
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4 votes
1 answer
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How an estate Trust works

I recently found out that my parents are broke. They have nothing saved, no stock, bonds, etc, and the house they have lived in for 30 years still has a heavy mortgage. My father does have a 10k life ...
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2 votes
2 answers
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What's "a disposition to trusts"?

The word choice of disposition baffles me, because in ordinary 2021 AD English, disposition means "frame of mind, attitude, inclination; temperament, natural tendency or constitution of the mind&...
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What actions can be taken against a trustee who won’t disburse funds from a trust on unjust grounds?

If a trustee was refusing to disburse funds to a beneficiary and a case could be made that they did not have any sound reason for withholding, what legal actions does the law provide, to lawyers or ...
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0 votes
3 answers
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Can you be guaranteed a free lawyer to manage a trust fund dispute?

I believe there is a trust in my name which I should have access to, but the trustee won’t transfer me the money. I’d like a lawyer to help me understand my rights better, but I called my free local ...
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2 votes
1 answer
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What are the simplest examples of a long chain of trusts of equitable proprietary interest in property?

I don't understand how "such chains of trusts of the equitable proprietary interest is very significant commercially in respect of trusts of securities and of the rights to such securities. What ...
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2 votes
1 answer
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Why would a trustee hold merely a Personal Right, not any Property or Proprietary Right, to value credited to a bank account on trust?

What exactly does "value credited to a bank account on trust" mean? Why wouldn't a trustee hold a Property/Proprietary Right to the value credited to a bank account on trust? But then why ...
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1 vote
2 answers
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If a trustee must consent to accept a trusteeship, then why can't a contract between testator and trustee be constructed or implied?

I'm asking just about reason 2 below here. I don't understand the emboldened sentence. If "anybody who becomes a trustee must consent to" the trusteeship, how's it impossible to imply or &...
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1 vote
1 answer
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Would this person be a valid executor of estate?

If a person leaves in his will a substantial portion of his funds to the administration of a religion, can he still designate a member of that religion to be the executor of the estate?
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9 votes
3 answers
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Is the estate of a deceased person a legal entity?

This question is inspired by the discussion in the comments of this answer to another question. In those comments I claimed that the estate of a deceased person is not a legal entity and that it is ...
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7 votes
2 answers
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Does the term “significant value” in general have an amount associated with it?

In relation to estate handling, the Petition for Letters of Administration form I’m filling out seems really vague about “other assets of significant value”. Some things make sense like boats, cars, ...
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1 vote
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Trust Law - do trustees have to confirm that you are a beneficiary of the trust if you ask them directly?

I've asked the trustees of a trust to confirm that I am a beneficiary, which is what I believe to be the case. Do they have to give an honest answer?
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Surrogate Court for Petition of Probate New York-Last Will Date Witness

On page 1, #3 of the below form/link. I have the will. It has the date. There are no fields for printed names, witness, etc. It just has 2 signatures. One of the attorney and one I assume was the ...
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2 votes
1 answer
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Surrogate Court for Petition of Probate New York - COMBINED VERIFICATION, OATH AND DESIGNATION what is SS

In NY, when filling out forms for Petition of Probate, it reads the following: COMBINED VERIFICATION, OATH AND DESIGNATION [For use when petitioner is an individual] STATE OF NEW YORK )_______ COUNTY ...
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0 votes
1 answer
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Do volatile investments in estates cause potential problems for executors?

I'm an executor for an estate (in the U.S.), but this is just (thank goodness) a hypothetical I've been curious about: Suppose an executor finds, a few months into probate, that the estate includes a ...
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Can an estate be distributed against the will when all parties are in agreement?

I am learning about estates, wills, and probate courts. I am wondering about the following situation and procedures that may follow: Beneficiary 1 (or B1), the sole beneficiary stated on a will, was ...
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3 votes
2 answers
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Estate Administration - Evaluation Date for Securities

Suppose an estate has assets (stocks and/or cryptocurrencies) that will go to the primary beneficiary , but the second beneficiary gets a % of the estate (in cash). How does the estate administrator ...
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1 vote
3 answers
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Legal Obligations of the Designated Next of Kin – The Deceased Lived Overseas

I find myself in the position of Next of Kin to handle the arrangements for my estranged father. He passed away in a South East Asian Country where he was a permanent resident. I was contacted by the ...
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2 answers
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Difference between a trust and trustee in a trading trust?

In my commercial law class, the teacher said that a trust carries out the operations of a trading trust while the trustee is responsible for the day to day activities. Aren't both of those things the ...
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1 answer
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Will and Living Revocable Trust

Imagine a single person with a net worth in the millions but less than 10 million. He / she is thinking about having a new will drawn up and setting a living revocable trust. Part of the idea behind ...
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4 votes
1 answer
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Meaning of "issue" in a law

Below is a quote from the laws of the United States. It in Chapter 26, section 672(c): (c) Related or subordinate party For purposes of this subpart, the term “related or subordinate party” means any ...
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7 votes
3 answers
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Can an estate be a beneficiary?

My uncle was one of 4 beneficiaries of a large insurance annuity held by my recently deceased grandfather. My uncle passed away unexpectedly and tragically before Christmas leaving behind his wife ...
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1 vote
1 answer
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A deceased signed a car loan on behalf of a relative with poor credit- what happens?

Albert signed a car loan on behalf of his son, Bob as Bob had poor credit. Bob drove the car and paid the repayments, though was not mentioned on the loan. Albert dies. What rights does the bank have ...
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2 votes
1 answer
242 views

Does paying the down payment on your parents' home ensure that you will inherit the home?

Suppose someone pays the down payment for their elderly parents and then the parents (after some number of years) pass away and have been paying into expenses and mortgage. If the parents are ...
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2 votes
1 answer
48 views

Inherited house and principal residence exclusion for capital gains on IRS Form 104

I'm the personal representative of an estate in Massachusetts. A home in probate was recently sold and the estate received a 1099-S. There are about $50,000 in capital gains from the sale. I lived ...
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2 answers
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What happens if a beneficiary becomes the sole trustee?

For obvious reasons, a trust cannot be formed where a person is both sole trustee and sole beneficiary. Such a person would hold both the legal and the equitable interest, so there would be nothing ...
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2 votes
1 answer
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What happens if a "small estate" stops being small?

Let's say that a "small estate" (for example, in New York, under $50,000) is resolved through a Small Estate process. Letters of Administration are issued for a few small accounts. And then, ...
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4 votes
1 answer
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How can I liquidate alcohol as part of an estate in the US?

If I'm the executor of an estate for a person that was the sole proprietor of a bar/restaurant that is stocked with bottles of booze and kegs of beer is there any legal way to sell it to generate cash ...
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2 votes
1 answer
63 views

How to create a long-lived organization that executes a certain program?

I'd like to start an organization that, similar to the website Patreon, enables people to set financial rewards on mathematical proofs of their choice and holds their money in escrow. Since some ...
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2 votes
1 answer
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Who (apart from the beneficiary) has standing to sue when a trustee violates the terms of the trust?

The jurisdiction here is California, USA. This is a (sort of) hypothetical - I heard (third hand) of someone with a trust like this. I'm not terribly confident that I have all the details correct, ...
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Is it usual and cutomary for seller to provide credit card debt amounts and bank accounts to title agent

Got an unusual one.....selling a house, from an estate, as court appointed administrator. Title agent is asking administrator to provide the consumer credit cards and amounts, of decedent, owed to ...
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1 vote
1 answer
46 views

Can an attorney-in-fact with full powers transfer his power to another entity? Please explain

Say there is a Power of Attorney that grants full power to entity A. When I say full power, that means, anything that the original entity can do, it can also do. Now of course, I am not an attorney, ...
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2 answers
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How do I protect my assets in a will from being passed to potential second spouse if my wife should remarry and die?

Jurisdiction in in the USA . I do have children and want them to have my assets should my wife remarry and --pass away-- and not to her second spouse. We are writing our will out and someone ...
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1 vote
2 answers
74 views

Simpler way to handle living trust/will for property than transferring into a Trust

I just completed the Nolo Quicken Willmaker. It prints the following notification/warning: You're done making your trust document. Congratulations! Your living trust is not yet effective, however. ...
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1 vote
3 answers
195 views

Amending a Defective Irrevocable Trust

By a defective trust, I mean a trust that meets the definition of a trust for estate tax purposes but not income tax purposes. Consider an irrevocable defective trust that is setup without going to ...
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0 votes
1 answer
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Living Trust Property Sale: Depositing the check

We have Residential Property in our Revocable Living Trust that we are selling. We are the sole trustees. While selling is straightforward our lawyer told us that the check for sale amount will be ...
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Does an indemnification agreement saying it was not induced by improper conduct make sense?

I am a beneficiary of a family trust, being forced to sign an indemnification agreement, similar to the situation described in Why California codified "A trustee may not require a beneficiary to ...
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1 vote
1 answer
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What kind of "Trust" should I choose when applying for EIN? Roll over assets from account held in parents' Revocable Trust

My parents established a revocable living trust many years ago. Dad died 12 years ago. Mom died 3 weeks ago. One of the assets in the trust is a mutual fund account with Invesco. They are ...
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1 vote
3 answers
192 views

Suspicious Demand Letter - Can I Request Proof of Representation?

I am the trustee for a a special needs trust set up on behalf of a family member. Historically, other family members have used deception or manipulation to get the beneficiary of the trust to release ...
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5 votes
4 answers
301 views

How is property in trustees' hands safe from the trustee's own creditors?

In the context of trust law, trustees are the legal owners of the property in trust. They hold it for the beneficiaries, who are the equitable owners. Even though trustees legally own the property, ...
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2 votes
1 answer
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Company holding own shares in trust

If the assets of a trust includes shares in a company, can that company be appointed as trustee of that trust? It's not clear to me how section 259A of the Corporations Law works in this situation.
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