There are two beneficiaries currently: daughter and granddaughter. Lawyer insists there needs to be third but the Grantor only wants the daughter and granddaughter on there.
answered on Oct 3, 2022
I think there is some confusion about what the attorney is likely asking.
Going only by your question, and having not seen the trust or the details, the grantor does need to add some information regarding additional beneficiaries. The missing blank which needs to be filled in is, what... Read more »
Since ‘14 I’ve received monthly payouts from a trust set up by my brother & his wife. No taxes/fees were charged to me. He died in ‘19; she in ‘20. The only correspondence I have received from the bank over the years are quarterly reports. Yesterday, 4/6/22, I received an email notice... Read more »
answered on Apr 7, 2022
It was very nice for your brother and his wife to leave you the money they did. It is even nicer that they filed and paid the tax for you. Yes, the taxes need to be paid. I cannot emphasize that enough. I would advise you to know who the trustee of the trust is so you can speak to that person.... Read more »
How to change her house to my name? And her bank account ( She had only very small amount money)?
answered on Jan 25, 2022
I am very sorry for your loss.
The estate will pass to the heirs of the deceased according to the laws of the state in which the person died. It is possible that probate can be avoided depending on the size of the estate and the laws of the state.
If the deceased was a resident... Read more »
My mother took care of my great uncle years ago before he passed away. He left the house she lives in, to his granddaughter with the stipulation my parents could live there for life for a set rent price. They sold the property to another company and that is not being honoured anymore. Rent has... Read more »
answered on Jan 20, 2022
If your great uncle stipulated in his will or in his trust that your parents could live in the house at a set rent price, then depending on how those instructions were worded - it is possible that your mom has a case. If this was an "understanding" not in writing, the case becomes much... Read more »
answered on Oct 17, 2021
Executors have the power to fulfill the wishes of the grantor of the will. They have the power to pay all debts owed by the estate of the deceased, to collect money owed to the deceased on behalf of the estate, to pay all taxes, and to distribute all remaining assets after debts have been paid, to... Read more »
I'm opening a 401k with my new employer and want to know if I can list my former fraternity's chapter specifically as my beneficiary or not. Assume that there will be no spouse in the picture and that the beneficiary will be updated if there is.
answered on Sep 13, 2021
I would NOT list your fraternity as a beneficiary to your 401K, but rather make other arrangements in your estate plan. As to if you can name a specific chapter in your fraternity - that could depend on the fraternity, so I cannot give you a good answer on that, you would need to speak to them.... Read more »
will created and signed in California for a now Wisconsin resident
answered on Jul 8, 2021
That depends on certain situations. In general, for a will, the witness must be present when witnessing the signing and also sign indicating that they witnessed the signing. However, during the Pandemic, the Governor of Illinois issued and executive order (2020-14) which allowed for the use of... Read more »
he is beneficiary of her bank accounts apparently i found out there is allot of money and he isnt speaking of any of it should i get attorney i am named in the will as a beneficiary too
answered on Jun 28, 2021
Sorry for your loss, Amber. If you are sure that there is a will, and if you are sure that your cousin is the executor, you should ask the executor. These things do take time to work themselves out, so depending on "recently", it may still have a lot of time before it is all said and... Read more »
I'm from Illinois. I was named in my fathers will. There is also a trust attached to the will. I am estranged from my family so simply asking the executor is out of the question. I was never notified of the will being filed in probate (I found out doing a probate search online). My question is... Read more »
answered on Jun 16, 2021
Being named in a will does not necessarily mean that you will inherit from the will. I doubt that the attorney who drafted the will is going to answer your questions. If the decedent's estate plan included a trust, it is very unlikely that the probate attorney will be of much help unless... Read more »
We do not know to go about it so if you steer us to the right direction, we would really appreciate it. Also you can let us know what would she need to get her things in order. Thank you
answered on Jun 10, 2021
Your mother should contact a few estate planning attorneys to find one she is comfortable working with on her estate plan. The attorney can discuss options based on the initial consultation about how she might best set up her estate plan.
answered on Jun 5, 2021
A lot depends on state law, your father's situation when he passed (did he die intestate?), and the ownership of the real estate when he passed.
Option #1 - ask your sister for your share or an explanation as to why she did what she did.
Option #2 - open probate on your... Read more »
There is still a mortgage on it and just want to know as long as he takes over the mortgage I want to give him the property
answered on May 10, 2021
There is not a question, only a situation. And it really isn't estate planning.
You cannot give him the property as long as he takes over the mortgage. How do you plan on giving him the property, and when? Is this transfer to be done in your will? Will you deed the property over... Read more »
answered on May 5, 2021
For the vast majority of my clients the decision between a trust and a will is not about net worth. With the Death tax threshold being so high right now ($11,700,000 federally, and $4,000,000 in Illinois) most of the time this is not about avoiding paying taxes. The 2 big differences between... Read more »
There's also a house he claimed he bought from my parents I asked him
Show proof he will not its part of the asset well time is up and he will not add the house just wants to split the trust as is what is my legal right he also had to take money out of the trust fund to pay off this... Read more »
answered on Apr 8, 2021
If you are a beneficiary you have a right to see at least some of the trust paperwork, and likely all of it. Some trusts may include language limiting information which can be shared. It sounds like your brother is the named trustee. To start, you can ask to see the names of trustees in the... Read more »
Give up their mineral rights to the land... can they really have the best of both worlds & ultimately screw the other 2 family members.
answered on Mar 29, 2021
When it comes to selling and buying, most everything is negotiable. If they are not willing to sell 100% of their share, then the value of that share may be greatly diminished. The remaining plaintiffs could sue in court demanding that the sale include mineral rights, although nothing is... Read more »
Isn’t there any way to stop this?
It has been in our family a very long time & it is not divided up...
this isn’t right - there has to be away to stop it
answered on Mar 27, 2021
Those who don't want to sell can buy the fair market value of those who want to sell. Otherwise, there may be language in the will or trust which has provisions regarding the sale of items such as a specific number or % of beneficiaries required to sell assets.
I live with my mother, helping her with bills and running errands for her since she had been on oxygen, she just had a stroke and is now in the hospital. I am one of 3 sons. One brother has legally been left in charge of her finances, the other in charge of her medical. She was wanting to put me on... Read more »
answered on Mar 25, 2021
To say which is "best" is subjective and would depend on many factors. However, the three most common ways to accomplish the goal of leaving you the house are:
1. Adding your name to the title.
2. She can leave it to you in her will.
3. She can put it in a trust... Read more »
Out my share does the estate attorney still work for me also? I'm in Illinois
answered on Mar 10, 2021
It is very likely that the initial attorney represents the executor of the estate, not the individual beneficiaries. The executor would be entitled to pay that attorney out of the estate funds, so yes, your share as well. The attorney you hired to represent you personally will be paid by you... Read more »
My father is executor and for two years has refused to give me info unless I sign 1/2 to him. This was from my grandparents estate. What actions need to be taken?
answered on Mar 1, 2021
Your recourse is within two potential places.
The first place may be in the trust itself which may give you the right to remove the executor.
The second place is in the court of probate. The executor must follow the terms of the trust and can face harsh penalties for not doing so.
he is now deceased but his wife is still alive and she wants change it she thinks its unfair
please let me know
answered on Feb 24, 2021
The devil is always in the details. In general, the trust can only be changed by the grantor (the one who created it). Once the grantor passes away, the trust is as it is.
However to fully address the issue it would be best to give all relevant documents to a lawyer for review. The... Read more »
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