My sister is a US citizen with NZ residency. She is married to a kiwi and has children with him. She wants me, (a US citizen) to be the children's Testamentary Guardian in her will. Does there need to be any extra provisions because I am not a NZ resident? His family is quite dysfunctional so my sister and I want to be sure that should she die there would be no problem for me to take over as legal guardian for her children. Does anyone know a lawyer or other professional who would be able to guild us?
So, I had a will created that creates trusts for my minor children. I was told by the attorney that the verbiage I should use for the beneficiary on my various accounts is "Trustee of the Trust under my Will". The thing is, generally financial institutions don't let you write in whatever. They have options you have to choose from. One of mine requires that I provide a fname, lname and DOB. Another asks for an id and type (SSN, Passport, license). The trust doesn't exist at this point, so there is no name and creation date. If I choose "Person" as the beneficiary then I have to provide details on a specific person. If I choose "Trust" then I have to provide details on the trust that doesn't exist. Any ideas on how to handle this? I have removed all beneficiaries for now. I don't know if that's a problem or not.
When dealing with families with minor children, I always recommend a trust, be it living or testamentary. I tell them that a testamentary trust will still go through probate unlike a living trust, however you won’t have to manage your assets and make sure they are titled in your trust. Are there any upsides to a testamentary trust that I should be mentioning that a living trust doesn’t too? Are there situations where a testamentary trust would be a better fit for a family than a living trust?
My dad just started hospice and was given “a low number of months” to live. He and my mom have the standard will that specifies that surviving spouse then kids (my brother and I) inherit. House is paid for and may be worth $500k.
Hospice put us in touch with an estate planner who strongly suggests 1) re-deeding the house to my dad only, 2) having dad setup a will to testamentary trust that transfers house to that trust and makes the children the executors on behalf of my mom. Dad is still coherent and could sign IF we all understood what the heck this move would get the surviving family.
Mom may need nursing home care, but we (my mom and I) also had a plan for her to join my household after selling the home. It would allow me to buy a bigger place and care for her personally.
I thought nothing escaped Medicaid lookback... is this legal maneuver a sound one or is it an opportunity for legal billing at this point??
Adding details based on comments: the estate planner (law firm with nurse attorneys) was recommended through the hospice house and they do one free consultation. They explained the benefits but I am new to these terms etc. we are in Massachusetts.
I'm thinking a living trust can do anything a testamentary trust can do, and has the advantage of privacy. My will can then pour over gifts to the trust, without putting all the gory details into the will. This sounds good for things (such as cars, or IRAs) that are awkward to put into trust while I am living.
I've seen a will or two that was very hard to understand, because the trust terms were tangled up with the testamentary stuff.
Ok, I didn’t take trusts in school, so please forgive me if this is a stupid question. But what is the difference between a pour over trust and a testamentary trust. I found something about pour over trusts on the google and it just made me more confused. Please send help and wine!
If a testamentary trust has $600,000 in it - and now with new rules being taxed at top rate the whole income gets T3’d to the sole beneficiary, are there any tax implications if the beneficiary takes the whole $600,000 puts it into their name and then closes down the trust?
Assume the $600,000 is the FMV and ACB of the shares as it’s actively managed so ACB is pretty close to FMV.
Hello legal advice , as if 2020 didn’t already suck my little sister passed away earlier this month. While my parents are her next of kin, they are understandably not able to function right now so I have been taking care of my sisters funeral etc. After everything the funeral I asked the property manger If I could come in with my dad to clear her room so the rental could be over. The property manger initially wanted those letters but when I informed her that my parents are her next of kin and would itemize her possessions and provide proof she allowed us to clear the property. The property is cleaned and cleared up but she is still asking for that paper work. I looked on how to obtain those documents, even with my parents being next of kin those could take months to provide. Is there anything else we can do? We don’t want to hire a probate attorney as we feel her estate is not substantial enough to require one. Thank you.
This is a throw away account because I wanted to keep this issue private. This is going to sound like a soap opera, but bear with me. I currently have approximately $220,000 held in trust by my sisters whom I am estranged from for the last 20 years.
When I was 14, my father passed away, and at 17, I emancipated from my mother. I won't go into the details of why but I felt it was necessary and the right decision for me. I never reconciled with my mother and upon her death in 2013, my two older sisters and I were beneficiaries of an inheritance. My share of the settled estate came to appx. $220,000 and my sisters were ultimately named trustees of my portion. The last will and testament was not to be distributed to me until the following occurred and I will quote: "At least five years after the end of the relationship and all discretionary contact with by [beneficiary/me] with [my then wife] ends, the testamentary trustees shall distribute to [beneficiary/me] the principal and accumulated income of the testamentary trust, and the testamentary trust shall terminate."
On January 2 of 2015, my relationship and discretionary contact ended with the person named in the will. The only requirement stated in the will for my sisters to complete is shall "shall be required to make annual written accounting of the administration of the trust to all beneficiaries."
Other facts: There are some stipulations in it that state if I were to challenge this, the funds from the trust could be used to defend it in court. This may be obvious but I should also state I am not on speaking terms with my sisters. At the time the will was written, I was not married to the person that was named in the will and I didn't learn of this stipulation until after the death of my mother. The will was probated in the State of Georgia.
My questions are:
So my situation is a bit in the gray area and involves my Mother's Last Will and Testament.. I apologize for how disorganized this may be, my situation is... chaotic you could say and there is no right order to list all the information I feel is needed to make a sensible decision.
My mother passed away March of 2018 and in her will she lists me as the executor of her estate. In my mother's will she has given my father "Right of Residency", to reside in the property rent free for as long as he chooses, till he passes, or moves out at which point I am allowed to do anything with the co-op. At which point I can do with the co-op as I please.
Ever since she passed my father has been persisted in wanting to know how much money I was left, he has gone to the length of wanting to be placed on everyone of my accounts from the investment account I was given to the TDA and even my own personal checking accounts.
I refuse to allow him onto anything, the reason being is that he has been persistent over all these months of trying to get me to pay for more and more so that he can "save his money for when he goes" so that he can leave his daughters from his previous marriage more money. One of which has been been living with us for close to six years and he has accepted he will take care of her for the rest of his life while trying to push that onto me.
He has been so persistent it has gotten to the point I have installed a camera in my own bedroom along with locking away all important documents that pertain to myself and my financials away. I have caught him on the camera numerous times, almost daily looking around, opening drawers, or reading papers to find out what I have so he can attempt to push more of the costs of his promises onto me so he can "save more money".
I refuse to touch the money left to me by my mother to pay off a mortgage on the co-op he promised to pay. Especially while his daughter is still residing there. (I am not related to any of them, my mother was my only biological parent).
Ultimately my question is am I legally obligated to financially take care of everything to let him stay there as the will says so? Or can I have him leave if he refuses to cooperate with me?
There is no liquid money in the estate, so if he refuses to cover the mortgage it will fall into foreclosure unless I pay it from my own pocket.
I am just so furious and aggravated with the current situation right now I have probably left out details so please, ask away a... keep reading on reddit ➡
Apologies if this is the wrong place to ask - I’m a bit overwhelmed, and want to avoid substantial fees against their inheritance for a relatively small amount of money.
My 2 children each inherited a small (20k) amount of money in a testamentary trust. I am the trustee. This is in the US, in Connecticut.
My main question is: do I have to establish a special trust tax ID to manage the accounts? (Or can I just open an account in their name).
Does anyone who practices in New Zealand have a link or explanation of the appropriate standard for notarizing someone's signature on a document? I need to know if a NZ notary is required to verify the capacity of a visibly disabled individual before executing documents.