Skip to main content

Living Trust Disbursment

Jacksonville, FL |

My parents set up a revocable living trust. My father died and mother is senile. I am named as the sucessor trustee after her, but under the section 'specific disbursements' it says that upon his death I am to receive some stocks. These were never actually in the trust even back when it was created (2005). Since his death, it (the stocks) has made its way through probate into his 'estate'. Am I entitled to receive the stocks now? My siblings think not, but that the trust should own them now. but that was clearly never his intention.....

Attorney Answers 4

Posted

You need to have the documents reviewed by a competent attorney. The items not in the trust probably are not part of the trust by virtue of the actions of the settlor before his death, but the only way to be sure is to have someone review all the paperwork.

The answers given are limited to the facts as given and presumed by the answer itself. Without seeing actual written documentation or having a conference to more fully explore the issues, this short answer has only limited application. Make sure to seek legal counsel and provide all documentation to get assistance in making informed legal choices. Bstein@dcfsz.com, 305 377 1505

Mark as helpful

1 found this helpful

4 lawyers agree

Posted

I am not admitted to practice in Florida, and you should consider hiring an experienced trusts and estates attorney to assist you. Most people with revocable living trusts have what are called
"pour-over wills" to accompany them, and the effect of such a will is that any property that was not titled in the trust at the time of death is "poured over" into the trust by way of the will. In other words, the will says something to the effect that "I give all of my property to the trustee of my trust to administer according to the terms of the trust" and then the trustee distributes the property according to what the trust says. If the trust says that you are to receive the stocks on your father's death, even if your mother is still alive, then when the trustee receives the stocks by way of the will, as part of the probate process, the next step would be to transfer the stocks to you, pursuant to the terms of the trust.

It will be very important to consult with an attorney to help you understand the meaning and effect of the trust, the will, and the probate process.

This general response is not intended to create an attorney-client relationship.

Mark as helpful

1 found this helpful

5 lawyers agree

Posted

I agree with the other guys that you need your own attorney, but if the stocks that are now in the trust are the same stocks that were referred to in the trust (and there could be a lot of disagreement on that question), I vote that they're yours. Remember - that's free advice and worth what you paid for it!

Mark as helpful

2 comments

David Michael Goldman

David Michael Goldman

Posted

Wouldn't it be nice if we could vote on issues like this? Do you get to vote on things like this in Michigan? I think you may have misread his statements. he said the stocks made it to the estate not to the trust. On the other hand if they will directed the stock to the trust, and there was a specific devise of the trust, he should be entitled to it as the trust would direct the distribution of the stock.

David L. Carrier

David L. Carrier

Posted

"My siblings think not, but that the trust should own them now." Sounds to me as if there's a pour-over will (typical with an RLT-based estate plan) and that the siblings think the stocks should be governed by the trust, which raises the question, why doesn't this guy get the stocks? Which is why I raised the issue that maybe the stocks dad had at death are not the stocks referred to in the trust...

Posted

The other attorneys have provided you with very solid advice. I would highly advise you to promptly consult an estate planning attorney in the Jacksonville area. Best of Luck.

FOR A FREE 20 MINUTE INITIAL TELEPHONE CONSULTATION CALL 904-309-8461 NOTHING IN THIS ANSWER IS INTENDED TO CREATE AN ATTORNEY/CLIENT RELATIONSHIP NOR SHOULD BE CONSIDERED A SUBSTITUTE FOR AN IN PERSON CONSULTATION WITH AN ATTORNEY/THIS ANSWER IS NOT INTENDED TO BE TAKEN AS LEGAL ADVICE, ALL PARTIES POSTING QUESTIONS ARE HIGHLY ADVISED TO IMMEDIATELY SEEK COUNSEL TO REMEDY THEIR LEGAL PROBLEMS

Mark as helpful

1 lawyer agrees

Wills and estates topics

Top tips from attorneys

What others are asking

Can't find what you're looking for?

Post a free question on our public forum.

Ask a Question

- or -

Search for lawyers by reviews and ratings.

Find a Lawyer

Browse all legal topics