Questions tagged [trusts-and-estates]

The tag has no usage guidance.

Filter by
Sorted by
Tagged with
1
vote
1answer
19 views

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, ...
0
votes
0answers
22 views

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 ...
4
votes
1answer
187 views

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 ...
0
votes
1answer
97 views

One Unit Trust with many classes of unitholders: is it possible?

If different assets are contributed to a Unit Trust, say one real estate property in San Francisco and one real estate property in Los Angeles, can the Deed of Trust specify 2 classes of beneficiaries/...
2
votes
2answers
54 views

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&...
1
vote
3answers
182 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 ...
0
votes
3answers
73 views

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 ...
2
votes
1answer
35 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 ...
2
votes
1answer
174 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
86 views

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 ...
2
votes
1answer
72 views

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 ...
1
vote
2answers
38 views

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 &...
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?
9
votes
3answers
1k 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 ...
1
vote
1answer
28 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 ...
7
votes
2answers
953 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, ...
0
votes
2answers
181 views

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 ...
1
vote
0answers
64 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?
2
votes
1answer
84 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 ...
0
votes
1answer
28 views

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 ...
1
vote
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 ...
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 ...
1
vote
3answers
119 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 ...
0
votes
0answers
13 views

The extent to which probate proceedings impact the timeline for payouts to beneficiaries of (ir)revocable living trusts upon the death of the settlor

In the State of Texas, Settler creates a revocable living trust which, among other things, provides for certain GST-exempt cash payouts to be made upon her death. The trust also provides that ...
0
votes
1answer
60 views

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 ...
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 ...
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 ...
7
votes
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 ...
1
vote
1answer
114 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
vote
1answer
203 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 ...
2
votes
1answer
43 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 ...
4
votes
1answer
173 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 ...
2
votes
1answer
60 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
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, ...
0
votes
1answer
367 views

Can a sibling contest a life insurance policy?

My step father had several insurance policies in some of which he listed his daughter as the beneficiary and on the rest he listed his son, who is my younger brother. Can his sister from a different ...
0
votes
0answers
36 views

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 ...
1
vote
1answer
560 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, ...
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, ...
0
votes
2answers
117 views

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 ...
1
vote
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. ...
5
votes
4answers
297 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, ...
0
votes
1answer
504 views

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 ...
0
votes
0answers
30 views

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 ...
1
vote
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
3answers
190 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 ...
2
votes
1answer
159 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.
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 ...
6
votes
1answer
172 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 ...
3
votes
1answer
299 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 ...