How is it determined how much of money is still left in a Trust?

Get Legal Help Today

 Secured with SHA-256 Encryption

How is it determined how much of money is still left in a Trust?

My Mother and her boyfriend set up a Trust years ago that stated if she died, her boyfriend would inherit her money, stocks, etc. At the time of his death, any money of hers not used would be divided between her 5 children. The Trust was set up to work the same way if he died first. My mother died 6 years ago, and just recently, her boyfriend has passed away. His Trust states that each child receives $10,000. This Trust was written up just after she passed away. She told me before she died, that she had about $300.000. Her boyfriend had $400,000 when he passed. All is invested except for the house.

Asked on February 18, 2014 under Estate Planning, California

Answers:

MD, Member, California Bar / FreeAdvice Contributing Attorney

Answered 7 years ago | Contributor

Since you are named beneficiaries, you will need to contact the trustee of each trust and go through the process of an accounting. You are entitled to an accounting and the new trustees cannot lay waste to the trusts (i.e., each has a fiduciary responsibility to the end beneficiaries).


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.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption