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WE JUST WENT THROUGH THIS. YOU NEED TO CALL THE IRS AND LET THEM KNOW THAT YOU ARE TRUSTEE OR SUCCESSOR OF THE DECESSED. BUT YOU MUST HAVE CERTIFIED COPIES OF THE DEATH CERTIFICATE. THEY WILL ISSUE YOU A TEMPORARY EIN SO YOU CAN TAKE OVER THE ESTATE AS IF YOU WERE THE DECESSED.TO PAY OFF THE ESTATES BILLS. CLOSE OUT ACCOUNTS AND HAVE THEM TRANSFERED INTO YOUR NAME. WE SUGGEST THAT YOU OBTAIN AT LEAST 15 CERTIFIED COPIES OF THE DEATH CERTIFICATE. NOT EVERY CREDITOR WILL TAKE A PHOTOCOPY.WE FOUND IT EASIEST TO GO TO THE BANK OF THE DECESSED AND HAVE THERE STAFF HELP IN OBTAINING THE EIN IT TOOK ABOUT 10 MINUTES. PRETTY FAST FOR THE IRS.
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∙ 15y ago
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When a revocable trust becomes a irrevocable trust after a person dies is trust a non grantor trust or a grantor trust?
it remains a grantor trust
When a trustee dies does the beneficiary of the trust get notified of what is in the trust?
Not necessarily, another trustee will be appointed.
What action do the beneficiary's of a land trust need to do when the trustee dies?
Determine who is the successor trustee
Who gets access to a living trust after the grantor dies?
All the provisions of a trust must be set forth in the document that create the trust. Only the trustee has 'access' to the trust property. After the death of the grantor the over-riding hope is that the trust was properly drafted. The powers of the trustee must be set forth in the trust document and those should include the power to transfer or sell the trust property and then distribute the proceeds to the beneficiaries. If the trust document does not provide for final distribution then a petition will need to be filed in a court of equity and a judge will need to issue a court order to distribute the trust assets.
Can an irrevocable trust be converted to a revocable trust after grantor is deceased?
Revoking a trust means it goes back to the grantor. Who is, in your example, deceased.I trust (no pun intended ... well, maybe a little bit) you see the problem here.Essentially, the distinction between a revocable and irrevocable trust vanishes when the grantor dies.
Can a trustee with the knowledge of the trustor move money to other non trust accounts?
Yes, if that power is granted in the Declaration of Trust.The powers, duties, responsibilities and obligations of the trustee are set forth in the document that created the trust. That document is generally called a Declaration of Trust and is the trustee's only source of power. That is the reason why trusts should always be drafted by an attorney who specializes in trust law. The attorney must spend time with the grantor to determine the grantor's needs and how to address those needs through a trust. The attorney then drafts a trust document that sets forth the purpose of the trust, names a trustee, clearly lists every power the trustee will have to deal with the trust property and controls how the income and assets will be distributed.A well drafted trust document addresses in advance every situation that can or will be encountered by the trustee and dictates how every situation will be handled. It provides for the appointment of a new trustee if the original trustee is unable to carry out their duties. It provides the manner by which the trust can be terminated and how the remaining trust property will be distributed. If a situation arises that isn't addressed in the provisions of the trust, the matter must be brought before a court and a judge must issue an order to address the matter. For example, if the trustee dies and there is no provision for the appointment of a successor trustee, the court must appoint one.Therefore, whenever there is a question about what a trustee can and cannot do you must look to the Declaration of Trust to determine if the action is addressed.
Is there such a thing as a contingent trustee in a living revocable trust?
Yes. A trust document should contain a provision for a successor or alternate trustee in case the original trustee dies or cannot continue as trustee. The trust document can name the successor trustee of simply set up a process by which one can be appointed if necessary. Trusts should always be drafted by an attorney who specializes in trust law. Invalid trusts can cause problems that are costly to correct.Yes. A trust document should contain a provision for a successor or alternate trustee in case the original trustee dies or cannot continue as trustee. The trust document can name the successor trustee of simply set up a process by which one can be appointed if necessary. Trusts should always be drafted by an attorney who specializes in trust law. Invalid trusts can cause problems that are costly to correct.Yes. A trust document should contain a provision for a successor or alternate trustee in case the original trustee dies or cannot continue as trustee. The trust document can name the successor trustee of simply set up a process by which one can be appointed if necessary. Trusts should always be drafted by an attorney who specializes in trust law. Invalid trusts can cause problems that are costly to correct.Yes. A trust document should contain a provision for a successor or alternate trustee in case the original trustee dies or cannot continue as trustee. The trust document can name the successor trustee of simply set up a process by which one can be appointed if necessary. Trusts should always be drafted by an attorney who specializes in trust law. Invalid trusts can cause problems that are costly to correct.
If a trustee who is also one of 7 other beneficiaries of the trust dies before any trust assets are distributed what happens to the part of the trust that was to go to the trustee this is in Calif?
You need to review the trust document for the answer to your question. It should contain a provision for distribution of the share of a deceased beneficiary. If the trustee has died a new trustee needs to be appointed to make the distribution. The trust document should also have provisions for the appointment of a successor trustee.
What is the difference between a trustee and a successor trustee of an irrevocable trust?
The trustee is the person who presently has the authority to carry on the business of the trust. If the trustee dies, resigns or is for some reason unable to continue their duties then a successor trustee is appointed. A well drafted trust will name a successor trustee and a process by which successor trustees may be appointed. If the trust instrument fails to provide for the appointment of a successor trustee then a court of equity can be petitioned to make an appointment. Once appointed, the successor trustee has all the powers and duties of the original trustee.
Grantor conveyed their property to a trust reserving a life estate. If the sole beneficiary dies before the Grantor does the property revert back to the original Grantor?
No. Not unless the trustor made that reverter a provision of the trust.If a grantor transferred their property to a trust and reserved a life estate, the life estate continues even if the beneficiary of the trust dies. There should be a provision in the trust that directs where the property should go in the case of the death of the sole beneficiary. This is a good example of the need for an expert to draft any trust.You need to review the terms of the trust to determine how the trust property will be distributed. If the trust doesn't address this issue then it may need to be addressed by a court.
What are the administrative duties of trustee after trustor dies?
You need to review the terms and provisions of the trust for your instructions.
When the beneficiary dies does the trustee then own the property in the trust?
No. The trust specifies what happens if the beneficiaries are no longer living. It could go to the beneficiaries' estates, or a remainder man, or to a charity. It is possible for the person who set up the trust to leave it to the trustee.
