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.
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3 lawyers agree
Elder Law Attorney
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.
6 lawyers agree
Estate Planning Attorney
A review of the trust documents should provide your answer. It is impossible to know without reading them.
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2 lawyers agree
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.
1 lawyer agrees