What happens if there is an irrevocable trust set up and the beneficiary dies? Does the money go to the beneficiaries surviving spouse or does it go back to the trustee?
Criminal Defense Attorney
The answer likely lies within the trust document.
I am a former federal and State prosecutor and now handle criminal defense and personal injury/civil rights cases. Feel free to check out my web site and contact me at (212) 577-9797 or via email at Eric@RothsteinLawNY.com. I was named to the Super Lawyers list as one of the top attorneys in New York for 2012. No more than 5 percent of the lawyers in the state are selected by Super Lawyers. The above answer is for informational purposes only and not meant as legal advice.
You, or preferably your attorney, should review the trust documents. They will outline what happens to the funds. Best of luck to you.
Roman Aminov, Esq.
Law Offices of Roman Aminov
Estate Planning - Elder Law - Probate
147-17 Union Turnpike | Flushing, New York 11367
P: 347.766.2685 | F: 347.474.7344
Roman@AminovLaw.com | www.AminovLaw.com
This answer does not constitute legal advice and no attorney client relationship has been formed. Before choosing a course of action, it is always advisable to seek the advice of an attorney in your area.
A review of the trust documents should provide your answer. It is impossible to know without reading them.
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As the other attorneys have stated, it depends upon how the trust document was worded. The attorney who drafted it likely inserted language dictating who becomes the new beneficiary upon the old beneficiary's death.
Pinni Bohm, J.D., LL.M. in Taxation
Phone: (212) 920-5224
I am only licensed to practice law in New York, so this is just general educational information. You will need to contact a local attorney to attain information that pertains to your specific circumstances. No attorney-client relationship exists between us.