What to do about a mistake regarding the named beneficiary of a Trust?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
What to do about a mistake regarding the named beneficiary of a Trust?
My ex-boyfriend’s mother just died and he and his four siblings are receiving their trust fund that is divided up between them. I was just notified that there is a mistake on the trust fund. Instead of being listed as a beneficiary if my ex-boyfriend dies, I am listed as the beneficiary of his portion. They want me to sign the check(s) over to him. I have no problem with this as I don’t want their money. However, I am concerned that I will be responsible for the taxes.
Asked on September 30, 2013 under Estate Planning, Florida
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 10 years ago | Contributor
Under the federal and state laws the bequest to you is a gift and there are no tax implications to you for your receipt of the money. I suggest that you and the five siblings sign a written document prepared by a Wills and Trust attorney where you disclaim your bequest under the trust to the boyfriend due to an apparent mistake. Problem solved.
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 with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.