trustees, family trust, friction

My wife's family has 5 siblings - and both parents passed away in the past
couple of years.
There's been a lot of turmoil over the family's holdings of real estate -
homes, condos, commercial buildings.
The family is fairly close, local to each other, etc -
but the Trustees (brother & sister) have done a lot behind the scenes to
clean up the paper mees,
and get things in order for both of the estates, along with the ongoing
conversion to Trusts.
Anyway - we have some of the papers indicating where and how things have
evolved,
but missing a lot of the roadmap and connect the dots - Convey to Trust,
Bank statements/balances, etc
I only know of a portion - since my wife is a trustee of one of the trusts.
When asked for details of the family holdings and ongoing financial & legal
paperwork,
the other sibling trustee basically says - you don't need to know, and I
don't have to tell you anything -
Is this right ?
It's really hard to get all 5 plus spouses together without it degenerating
into a shouting match :(
Reply to
ps56k
"ps56k" writes:
That's absolutely not right. As a beneficiary, you (or at least your wife) have certain rights and the trustees have certain obligations.
Here, for example, is a brief (and incomplete) summary of some of it:
formatting link
Details vary by local law, but this is a complex situation. You'd probably do well to pay a couple of hundred bucks for a local attorney (or an attorney in the state where the trust is located) to read the trust document itself (you certainly should have been provided a copy of that at least) and let you know what more you can do.
In all likelihood, you are entitled to a report listing the assets and how things have been administered.
Reply to
BreadWithSpam
hi - Since I had all the papers on the floor - started grouping them together... I have a copy of the Trust. These are just word docs -
So - can I get a little logistical education on "Trusts"...
what are the detailed steps, papers, forms, registrations, docs, etc to get a working world Trust ?
ie - 1 - Create a doc or use boilerplate to construct a new customized doc 2 - Have it signed & notarized
then what ???
3 - I would think you have to "file or register it" somewhere. 4 - Do you get a doc back or stamped indicating it exists ? (what to bring to bank for new Trust chk acct) 5 - How to get SSN/EIN for local & fed taxes ? 6 - How to Convey assets into the Trust ? 7 - Other issues I haven't thought of yet ?
Is all of these merely a MASSIVE connect the dots paper trail, and there is NO single doc that indicates what's in the Trust - like a brokerage financial statement ?
So, if you can't find a "Convey" or a "bank statement" - you'd have no idea they exist "in the Trust". Just trying to understand all the jumping thru hoops, and where we stand, and how we know what is where, and can prove it for anyone asking ?
thanks for all the effort -
Reply to
ps56k
IANAL. If you're serious about this, talk to a lawyer. As an interim step, re-ask this in misc.legal.moderated.
"ps56k" writes:
That would be how to execute the trust instrument/indenture, yes.
No, you don't have to do that.
An original of the signed, witnessed, notarized trust instrument is what you bring to the bank/broker/etc. assuming they want to see an original.
First off, if the trust is currently a non-irrevocable trust with you as trustee and beneficiary (even if it becomes irrevocable with other trustees after your death) it is IGNORED for tax purposes and your own SSN is used on accounts registered to the trust.
But if it is a trust that needs an EIN, you simply file for one with the IRS. You can even do it online.
For intangibles, simply open an account in the name of the trust and transfer the assets in your existing account into it.
For real property, execute a deed conveying the property into the trust.
For registered non-real property (boats, cars, etc.) I imagine you'd reregister the property in the name of the trust.
Dunno how non-registerable property (like jewelry), collectibles, etc. would be unambigously placed into the trust. Perhaps some sort of witnessed, notarized letter saying that you are transferring ownership of them to the trust, said letter to be kept with both the items and the trust?
Yes.
Yes.
-- Rich Carreiro snipped-for-privacy@rlcarr.com
Reply to
Rich Carreiro
I think this is regulated by your state, and surely they require filings to the court of inventory and disposal (at least after the fact). I know that is sometimes the case, and your applicable state regs may be available online.
Reply to
dumbstruck
On Sun, 31 Oct 2010 20:08:00 CST, dumbstruck wrote:
The OP referred to the parties as "trustees" and not as "executors". One of the reasons for a trust is to keep things private, so there won't be public revelation of inventory and disposal (as there would be for an estate).
But I find it hard to imagine that a trust would be set up where the competent adult beneficiaries don't have a right to know the contents and disposition.
Reply to
Ron Rosenfeld
it's not setup that way - it's just the family brothers & sisters dynamics... The "first borns" don't share any info when asked -
Reply to
ps56k
Sorry, I confused the roles since I have worn both hats at the same time.
One approach to seek leverage as a beneficiary is to tickle (although probably not actually pursue) the trustee liability angle. See the "exposures" section of
formatting link
Reply to
dumbstruck
"ps56k" writes:
So it's not a legal trust in any way and you're just talking family issues? Unfortunately, in the language of estates and trusts, the word "trust" could easily be misinterpreted - a trust is a legal device which, as some folks like to say, is a device to be used when one doesn't trust someone else.
So you're saying there's not a legal trust device in place. Are the older siblings in question in a position of authority here (ie. are they exectors of an estate or do they have some kind of power of attorney)?
It's not clear what exactly you're asking now.
Reply to
BreadWithSpam
maybe you should file an action with the court, and have a Judge ask them.
or tell them that is your next step, and see if it shakes them up.
Reply to
Pico Rico
Well, if the assets are, indeed, in a trust (as I assumed when you used the term "trustee"), and you (or your wife) is a beneficiary or a co-trustee, you may need to go to court to enforce your rights.
Reply to
Ron Rosenfeld
On Mon, 1 Nov 2010 16:31:27 CST, dumbstruck wrote:
formatting link
Myself, my brother and sister also wore both hats for a while. Fortunately, we get along well and had no disagreements between us.
Reply to
Ron Rosenfeld

Site Timeline Threads

BeanSmart website is not affiliated with any of the manufacturers or service providers discussed here. All logos and trade names are the property of their respective owners.