What steps should I take before agreeing to becoming a beneficiary of a trust?

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What steps should I take before agreeing to becoming a beneficiary of a trust?

My father, who I have not seen in over 10 years, wants to make a trust with his house and make me the beneficiary. What should I know before agreeing to this? Will I have to pay an inheritance tax?

Asked on January 18, 2012 under Estate Planning, Nevada

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

I can understand how you might be a little reluctant here but it may just be tht you Father is trying to make an effort toward you, and really that is all.  Some states do have inheritance tax and some do not.  So it depend on where you live.  It also depends on what the trust document states, so maybe it would be best if you had an attorney review it in accordance with the law in your state.  I do not see many down sides to it but consult with your accountant as well.  Good luck.


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