What to do about a mistake regarding the named beneficiary of a Trust?

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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 7 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.


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