How is it determined how much of money is still left in a Trust?
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How is it determined how much of money is still left in a Trust?
My Mother and her boyfriend set up a Trust years ago that stated if she died, her boyfriend would inherit her money, stocks, etc. At the time of his death, any money of hers not used would be divided between her 5 children. The Trust was set up to work the same way if he died first. My mother died 6 years ago, and just recently, her boyfriend has passed away. His Trust states that each child receives $10,000. This Trust was written up just after she passed away. She told me before she died, that she had about $300.000. Her boyfriend had $400,000 when he passed. All is invested except for the house.
Asked on February 18, 2014 under Estate Planning, California
Answers:
MD, Member, California Bar / FreeAdvice Contributing Attorney
Answered 10 years ago | Contributor
Since you are named beneficiaries, you will need to contact the trustee of each trust and go through the process of an accounting. You are entitled to an accounting and the new trustees cannot lay waste to the trusts (i.e., each has a fiduciary responsibility to the end beneficiaries).
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