A "testamentary trust" is created by will. The terms of the trust are fully contained within the will. A will may direct that assets are to be distributed to one or more trusts created under trust agreements (inter vivos trusts). This type of provision is called a "pour over." I'm not sure whether you're dealing with a testamentary trust or an inter vivos trust.
I'm a bit confused by the facts, but will try to give you some general principles of trust law.
I respectfully disagree...
This is what's called a "power in trust." It generally applies when assets are otherwise distributable outright to a minor. What is means is that, although the minor is the legal owner of the assets, the trustees or executors have the authority to act for him or her.
Lawyers should learn to draft in plain English. We do.
I hope that this helps
Jeffrey L. Crown
21 New Britain Ave.
Rocky Hill, CT
I am assuming that your grandparents did not have wills. If that is the case, then any assets that they owned which did not pass to named beneficiaries would be distributed under the intestacy statute.
That statute provides that your grandparents' assets would be divided up into as many equal shares as they have living children + deceased children who themselves have children or grandchildren. Each living child would receive one share. The children of a deceased child divide their parent'...
I presume that you mean that your brother is "executor" of your surviving parent's estate. In Connecticut, unless the will gives him the authority to sell real estate without court approval [a common provision in CT wills], an executor has to file a motion in the Probate Court in order to sell real property.
An executor must list all of the estate assets on an Inventory filed in the Probate Court. If you feel that the executor has not listed all of the assets, or that the values are...
In Connecticut, there are certain items that are have a priority. Those include funeral expenses, attorney fees and expenses of last illness. These priority items come ahead of other estate expenses. All proper claims and expenses, not just priority items, come before distributions to beneficiaries.
I hope that this helps.
You said that the person died in Florida. I'm assuming that he or she lived in Florida and his or her only connection with CT was owning real property here. If this is so, the personal representative (executor) will have to open an "ancillary estate" in CT. This means filing the will in the Probate Court and making an application for admission of the will in CT. A CT inventory and estate tax return are also required, although no tax would probably be due.
We've done several ancillary...
The first question is whether or not your father in law owned any "probate assets." These are assets that your father in law owned which do not pass outside of the probate system [non-probate assets]. Non probate assets include, for example, life insurance, retirement assets and annuities payable to a beneficiary; jointly owned assets payable to the survivor and "pod" or "transfer on death" assets.
If your father in law owned any probate assets, then the will must be presented to the...
A trustee must invest the assets solely for the beneficiaries' benefit. If a trustee profits from trust investments, the profit belongs to the trust. The trustee is responsible to restore to the trust the greater of the value of the trust before the "self-dealing" investment or the value of the trust plus the additional profit.
I'm a trust lawyer, not a criminal defense lawyer, so I can't answer the second part of your question.
This is actually a two part question. First is the lawyer's right to serve as executor. The 2d is his fee.,
First. If the lawyer was named in the will as executor, then, under Connecticut law, he probably has almost an absolute right to the job. Once appointed by the Probate Court, the executor is in full charge of the administration of the estate, including disposition of personal possessions. He does, however,have to follow the terms of the will. This does not mean, however, that you...
An executor has a duty to list all of the estate assets on an inventory. That inventory must normally be filed within 60 days from date of death. In cases where we can't get it done in time we file a written request for extension with the Probate Court. The inventory is public record. You may examine it at the Court.
Even if the executor filed an inventory, it does not mean that he disclosed all of the assets. Only assets which your father owned in his own name (not joint assets or those...