lawyer who did our parent's trust

by Thea Bogisich Published 2 years ago Updated 1 year ago 5 min read

Can an attorney call the whole family of a trust?

Sep 08, 2014 · Attorneys can indeed be trustees but they would be named in the trust document (or their firm if that were the case). IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship ...

Who is entitled to a copy of a deceased parent’s trust?

Oct 07, 2015 · If you parents obtained the assistance of a lawyer or law firm, the lawyer or firm usually puts its name down as the one who requests the recording. Then, knowing the who requested the recording, you have a lead to someone or some entity that may know where your parents' trust is, or at least where a copy of the trust is. Good luck.

What happens to a trust when one of the parents dies?

Mar 17, 2014 · Depends on how you mean "beneficiaries." If you and your sister are devises in your last-surviving parent's will. Or if there was no will and you are heirs at law, then you need to probate the estate of the second of your parents to die. If the house was held in trust, then the trustee can handle the transaction for you.

Who has the legal right to see a trust?

Nov 29, 2013 · My sister is the successor trustee of our parent’s family trust in California. She recently petitioned the court to approve her actions and accounting. Additionally she requested $45,000 as trustee compensation for three years she has been trustee. My sister has always stated that she was not charging the trust for her work as trustee.

Do I have a right to see my parents trust?

And you cannot go to any other California government office and ask to see the Trust. Trusts are private documents and they typically remain private even after someone dies. The only way to obtain a copy of the Trust is to demand a copy from the Trustee (or whoever has a copy of the documents, if not the Trustee).Oct 4, 2018

How do I know if my parents had a trust?

You'll need to have the trustee distribute their estate according to the terms of the trust. If you don't see anything like that, there may not be a trust. One other place to check is the deed to their home. If you find a deed that shows the house was titled into a trust, then there probably is a trust.

What to do when a parent dies and there is a trust?

Acting Under the Trust Agreement

Within a few weeks after your parent dies, you should make an appointment with a qualified estate planning and administration law firm to review your parent's documents, discuss possible federal estate taxes, consider estate planning, and determine the need for a probate administration.

How do you deal with unfair inheritance?

1. Be Honest. If you choose to leave unequal inheritance for your children, one of the best ways to avoid hurt feelings and resentment among your children is to have an open and honest conversation with them about why you made your decision.

Who owns the property in a trust?

The trustee

The trustee is the legal owner of the property in trust, as fiduciary for the beneficiary or beneficiaries who is/are the equitable owner(s) of the trust property. Trustees thus have a fiduciary duty to manage the trust to the benefit of the equitable owners.

What are the 3 types of trust?

To help you get started on understanding the options available, here's an overview the three primary classes of trusts.

Revocable Trusts.
Irrevocable Trusts.
Testamentary Trusts.

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Aug 31, 2015

How long does it take to get inheritance money from a trust?

Generally, collecting straightforward estate assets like bank account money will take between 3 to 6 weeks. However, there can be more complexities involved with shareholdings, property and some other assets, which can increase the amount time it takes before any inheritance is received.

How do trusts work when someone dies?

If a successor trustee is named in a trust, then that person would become the trustee upon the death of the current trustee. At that point, everything in the trust might be distributed and the trust itself terminated, or it might continue for a number of years.

Does a will override a trust?

A. No. The trust is activated by the will on the death of the first spouse/partner, and not at the time of executing the Will. If you are both alive and in care, the trust would not initiated, hence the local authorities can target the property when assessing liability for care fees.

How do you deal with greedy siblings?

To deal with greedy siblings:

Cultivate empathy for them and try to understand their motives. ...
Let them speak their peace, even if you disagree.
Be understanding and kind to the best of your ability.
Take time to think about your response to them if you feel overwhelmed or triggered.

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How much do people inherit from parents?

The average inheritance from parents, grandparents or other benefactors in the U.S. is roughly $46,200, also according to the Survey of Consumer Finances. The average for the most wealthy one percent reaches upwards of $719,000, while the average for the next nine percent experiences a steep decline at $174,200.

Should siblings receive the same inheritance?

The Bottom Line

That said, an equal inheritance makes the most sense when any gifts or financial support you've given your children throughout your life have been minimal or substantially equal, and when there isn't a situation in which one child has provided most of the custodial care for an older parent.

How to get a copy of a trust?

The only way to obtain a copy of the Trust is to demand a copy from the Trustee (or whoever has a copy of the documents, if not the Trustee).

Can you see a copy of a trust in California?

By the way, Trusts are not recorded anywhere. That means you cannot go to the County Recorder’s office and ask to see a copy of the Trust. And you cannot go to any other California government office and ask to see the Trust. Trusts are private documents and they typically remain private even after someone dies.

Who Has Permission to See Trust Documents?

While a person's will is often public record once it has been filed in court, documents regarding a trust are not so easily accessible. Instead, only a few select people have the legal right to see the trust.

Contact the Attorney of Record

The information on trusts is revocable and remains sealed so long as the person who created the trust is alive. After the person who made a trust passes away, the most efficient way to find out if you are named as a beneficiary of his trust is to speak with his lawyer.

Other People to Contact

If you're not sure who the attorney is or if the lawyer will not answer you, there are other people to whom you can reach out if you know who the trust's creator named as the successor trustee. This person is responsible for executing the trust.

Can a sibling contest a will?

Just because your sibling decides to contest the will doesn’t mean they are going to actually overturn the will. Some siblings threaten a will contest when they feel slighted or hurt and don’t ever follow through. Contesting a will is expensive and time-consuming.

Why do people contest wills?

One of the most commonly argued reasons for a will contest is that the testator (person signing the will) did not have testamentary capacity, sometimes called mental capacity. Testamentary capacity does not mean your parent was 100% mentally together. In most states the standard is a bit lower.

What is a last will?

Contesting a Will. A last will is a legal document that isn’t easily tossed aside. Just because your sibling decides to contest the will doesn’t mean they are going to actually overturn the will. Some siblings threaten a will contest when they feel slighted or hurt and don’t ever follow through.

Who can contest a will?

What Is a Will Contest? Under probate law, wills can only be contested by spouses, children or people who are mentioned in the will or a previous will. When one of these people notifies the court that they believe there is a problem with the will, a will contest begins.

What happens if there is no will?

If there is no other will, assets could be distributed by the court according to state intestacy laws, rules applied to divide an estate when there is no will . Part of the will or codicil could be upheld, leaving the court to interpret how the rest of the estate should be distributed.

Is LegalZoom legal advice?

The content is not legal advice. The statements and opinions are the expression of the author, not LegalZoom, and have not been evaluated by LegalZoom for accuracy, completeness, or changes in the law.

Is a last will and testament valid?

A last will and testament is presumed to be valid by the probate court if it is in the proper format. A will or a codicil to a will (an amendment made to a will after it has been signed) can only be contested for very specific legal reasons and the process begins when an interested person notifies the court.

When did Mom inherit blue chip stocks?

In 1974 , when her mother died, Mom had inherited a modest bundle of blue-chip stocks. Largely untouched, and with 40+ years of compounding, they'd grown to the point where some of the positions were more than 90% appreciation.

Is resetting the cost basis of assets a tax benefit?

Resetting the cost basis of assets is a powerful tax benefit. Over the years, various tax proposals have called for eliminating this break. And it's possible that step-up could be on the tax reform chopping block later this year.