I’m hoping wise Internet Strangers can point me in the right direction.
Briefly, Dad’s will stipulated that his assets were to be left in Trust, with my Sis & I receiving the interest during our lifetimes, and once we died the balance was to go to Belmont Hill (prep school) & Harvard.
Lovely idea in theory, when the markets were high and he was on top of his game as a stockbroker. He didn’t count on getting old and frail, suffering dementia, and requiring expensive one-on-one care in an assisted living facility.
Now the Trust co. that he had arranged all this with does not want the account, as it’s too small. The lawyers that he used (who were personal friends), have also aged and retired or died, and the son who took over does not seem to be in any hurry to get this resolved, and is apparently trying to get himself set up as Trustee. We got no notice of any of this until my sister called asking what was up, since Probate cleared several months ago.
I have no idea if Sis and I have any say in all this, where to turn, whether or not it’s worth getting another lawyer involved or not. To make this more complicated, Dad was in CT, Sis is in WA, and I’m in TN.
I don’t much care if I get the $$ (though it would be nice), I just don’t want to see it mis-invested & piddled away in lawyers’ fees.
I want to talk to Dad’s law firm next wk, but I don’t really know what questions to ask; I don’t know how much I don’t know, if that makes sense. Does anyone have a good “Trusts, Trustees, and Inheritance for Dummies” sort of site so’s I can edumacate myself a bit?
Trusts are very much creatures of state law. Yes, there are federal tax issues, but each states’ laws will differ. So likely the trust was set up under CT law and you’ll be wanting CT-specific advice.
Well balls. I was afraid of that. It’s been a long time since either Sis or I have lived in CT, and I hate having to pick an attorney out of the Yellowpages.
Knowledge about the law is completely useless if you don’t know how to apply it to your facts. Lawyers know the law and have the ability to apply it to different sets of facts. It sounds like you should call one.
go to Nolo.com. They are the best source for legal information geared to a lay audience. They will have at least a few books on the subject. You should still consult an attorney, but if you can present a finished product that simply needs to be reviewed ( you can present it on the pretext of a ‘second opinion’ if necessary) then they can’t really charge you the full fee. If they try, go elsewhere.
However depending on the contingencies and complexities, it could be a lot of work. Tax considerations for estates and trusts can be a specialty unto themselves. Read the books, use your judgment.
Alas they aren’t simply retired now, they’re dead too.
Thanks for the link, dzero. I don’t want to learn all the minutiae of Trust law, but a glossary and a primer would be nice. I’d rather not sound like the total idiot that I am when I talk to the guy.
Ugh. Why do I get the feeling that by the time this is sorted out there’ll be about 12 cents to spread around?
Not so much. I’m not a fan of those because those thing may or may not be appropriate for the state that you live in. Trusts and Estates is a creature of state law and state law varies. What may work in a will in CA may not in VA and vice versa. Also depending on the form that the person uses, they may create a problem that they didn’t intend to create. Also having an attorney review it may cost just as much, since the usually use their own templates, and reviewing something like this may take just as long as drafting you a will.
Anyhow, here the testamentary trust already exists. The issue is that the Trustee has declined to serve and the alternate parties named aren’t around. It sounds like someone has petitioned the court to be appointed as Trustee. You really should talk to an attorney in CT to see what your options are.
That’s true but as I understand it he will see a lawyer anyway and different states have a lot more in common than whatever differences may exist. Nolo’s books tend to be general, but that should be enough to let him ask intelligent questions and understand the answers.
Anyway, isn’t there some sort of uniform code for trusts and estates - can’t remember.
Also, it’s one of the many areas that comes largely from English common law. There have been many changes and statutes may vary but having a knowledge of the basics is much better than no knowledge at all.