Q: Ownership of assets in a Tennessee irrevocable trust after the grantor's death.
Who currently owns the assets of my deceased mother's irrevocable trust, which includes a residential property and a rental property, established in Tennessee? The trust names three qualified beneficiaries. One of them acts as the sole trustee and has taken responsibility for maintenance, repair, renovation, and management of the properties. The trust document does not specify distribution instructions after her death, but there is a will, and probate has been initiated.
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- Tennessee
- (931) 250-8585
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- Answered
A: The only way an attorney can accurately answer your question is to first review a copy of the trust.
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- Tennessee
- (615) 730-6090
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- Answered
A: Get an attorney to represent your interests in the probate action. That will provide transparency to the issues you identified.
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- Tennessee
- (865) 637-3035
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- Answered
A: It is very possible that the Settlor's death is irrelevant to the Trust, such that the Probate Estate does not include Trust Corpus. The Trust probably continues in existence, since most irrevocable trusts are declared so they continue past the grantor's life.
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