Questions tagged [trusts-and-estates]

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9
votes
3answers
952 views

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 ...
7
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3answers
2k views

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 ...
7
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2answers
951 views

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, ...
6
votes
1answer
171 views

Does a property given to a spouse in a first marriage still get shared in a death after a second mariage?

Does a property given to a spouse in a first marriage still get shared after a death in the second marriage that was out of community of property with accruals? Backstory A husband was married to ...
5
votes
4answers
294 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, ...
4
votes
1answer
333 views

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 ...
4
votes
1answer
169 views

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 ...
3
votes
2answers
106 views

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 ...
3
votes
1answer
679 views

In Washington state, what can beneficiaries of a will do if the executor does not notify them?

My aunt died six months ago. She was married and without children. In hospice care she said she had left things behind for her brothers and sisters in her will. Also during this time, her surviving ...
3
votes
1answer
452 views

Does a deed supercede a will when a house is transferred to one sibling?

I have been taking care of my elderly mom who has dementia the past three years basically with no help from siblings. I live with my mom . She transferred the house to me. We did a life estate. I am ...
3
votes
1answer
294 views

Legal workarounds for testamentary trust perceived as unfair

My mother recently passed away and her will includes a testamentary trust for a portion of the estate designated for her grandchildren. Unfortunately, the terms of this trust seem to unfairly benefit ...
3
votes
2answers
202 views

Estate Trust and Obligations to Inform Beneficiaries

I understand that a trustee is obligated to execute the terms of a trust and manage the trust assets on behalf of the beneficiaries. However, if the beneficiaries are not aware of certain details, it ...
2
votes
1answer
1k views

What are the rights of an estate when a tenant dies in a rental unit?

My uncle died in January. He was renting an apartment month-to-month in Ohio. We are in the process of cleaning out his belongings from his apartment. There will be an estate sale of the majority of ...
2
votes
2answers
165 views

1000-year trust? (fictional)

PREMISE: I'm writing a novel about a man who creates a legal entity intended to last 1000 years, and I'm not sure how to classify it. For lack of a better word (and total ignorance on my part), I ...
2
votes
2answers
533 views

Why California codified "A trustee may not require a beneficiary to relieve the trustee of liability..."?

Full text of California Code Section reads: ARTICLE 1. Trustee’s Duties in General [16000 - 16015] ( Article 1 enacted by Stats. 1990, Ch. 79. ) 16004.5. [click for link] (a) A trustee ...
2
votes
1answer
53 views

Medicaid Estate Recovery

Can the Oregon Health Authority (OHA), Estate Recovery Unit (EAU) seek reimbursement for Medicaid services rendered after a person is deceased, if their assets are placed in a revocable trust prior to ...
2
votes
1answer
74 views

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 ...
2
votes
1answer
58 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 ...
2
votes
1answer
42 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 ...
2
votes
1answer
206 views

Is the estate I administer entitled to money after foreclosure of a destroyed house?

I am the administrator of an estate in upstate New York. Unfortunately, there is effectively no money in the estate which would allow me to hire a lawyer, so I'm hoping you folks can help. By the ...
2
votes
1answer
172 views

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, ...
2
votes
1answer
95 views

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, ...
2
votes
1answer
158 views

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.
2
votes
1answer
33 views

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 ...
1
vote
2answers
149 views

Can a will be written this way?

My only sibling (sister), both parents and I all live in Maryland. According to my parents' will, after their death, each sibling will inherit half of the total net assets. My concern is that my ...
1
vote
3answers
189 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 ...
1
vote
1answer
201 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 ...
1
vote
1answer
66 views

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?
1
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2answers
69 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. ...
1
vote
1answer
112 views

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 ...
1
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2answers
175 views

Plain English Meaning Of Trust Language

Can someone please translate the paragraph means into plan English? The image is taken from a revocable trust.
1
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1answer
81 views

Breach of fiduciary duty for poor management of endowment?

If the board of trustees of a private university keeps investing the endowment through an expensive firm run by their friends, despite substandard performance, could a case be made for breach of ...
1
vote
1answer
59 views

Company wants to hold funds for customers

Are there any licensing or special bank account requirements for our company to hold funds for a customer and later deliver those funds back to the same customer? Similar to a savings account but for ...
1
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1answer
35 views

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 ...
1
vote
1answer
96 views

How do I protect my child's assets against medical expenses incurred by their potential guardian?

I am in the process of drafting a will for my estate and would like to designate friends of mine as potential guardians for my children in the event of my death. The concern I have is that my friends ...
1
vote
3answers
136 views

Under U.S. law, can an estate's executor be penalized for accidentally losing a document before the estate is closed?

What legal penalty might apply in a situation where documents were lost by accident before settling or closing an estate? Would there be civil or criminal penalties if, some but not all, documents (...
1
vote
1answer
27 views

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 ...
1
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1answer
71 views

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 ...
1
vote
2answers
32 views

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 ...
1
vote
1answer
44 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, ...
1
vote
1answer
52 views

Where is the threshold line between legitimate living trusts and ones purported to defeat creditors?

Bob wants to setup a living trust where he is the settlor and the beneficiary at the same time. The trustee may or may not be him. Bob does not owe money to anyone yet, however, he would like to ...
1
vote
1answer
258 views

Interpretation of "the document speaks for itself" in answer to a complaint?

I've got a question about the complaint/answer process in the context of Maryland regarding a Trust. (Names changed for privacy) The complaint included as a numbered averment: The Trust ...
1
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1answer
1k views

Who is responsible for the property expenses with a life estate which is owned by tenants in common, when not all of the owners live on the property?

If a property is owned by tenants in common but has a life tenant (who does not own the property so there are three parties involved) who is responsible for outgoings such as rates and repairs? If ...
1
vote
1answer
107 views

To what extent can a trust be used to safeguard your assets against alimony

So in my reading I've come across a case (Prest v Petrodel) where a man wholly owned several companies, and purchased property in their name, but basically treated it as his property. Anyway, it ...
1
vote
1answer
68 views

Help re: beneficiary deed enforcement in Phoenix, AZ (Maricopa County)

My mom owned a home with her boyfriend (an attorney), and she passed away in Nov. 2015. Mom was his legal secretary for many yrs prior to her illness. She filed a beneficiary deed in 2014 to give ...
1
vote
0answers
63 views

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?
1
vote
3answers
176 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 ...
1
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3answers
118 views

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 ...
1
vote
1answer
558 views

If Barefoot v. Jennings is upheld by CA Supreme Court, what recourse would disinherited child have against undue influence by unscrupulous caretaker?

Background My friend (plaintiff) has an open case against her mother's unscrupulous caretaker (defendant). Plaintiff is claiming that the defendant used 'undue influence' against plaintiff's mother, ...
0
votes
2answers
30k views

Sister is living rent free in inherited property. Should she pay rent to other sibling?

My father died in Jan 2015. My sister moved in with my mother Feb. 2015 to care for her. In April, 2015 my sister sold her home. She was now mortgage free. The following month, my mother added my ...