I was chosen to be the successor of my mother's trust. She wanted a piece of property to remain in the bloodline for her kids. The title remains in her trusts name. We (my brothers and sisters) are concerned about continuing this forward to the next generation. Do we need to write a new trust or amend the current one. Should I amend the current trust to have a successor to myself?
Hi - for something to reamin in trust, well, the trust needs to continue! I'd need to review the trust and see what termination provisions it has, etc. - but if the grantor wanted it to stay in the bloodline, appropriate provisions needs to be in there. If the provisions are not in there, we can amend the trust to make it so. We may be able to do it within the confines of the trust, or we may need to reform the trust via judicial approval.
Feel free to call my ofice and we can discuss.
This should not be considered as legal advice and no attorney client relationship has been made.
You may need judicial approval to amend the trust, since it is likely an irrevocable trust, at this point. You might also, depending on the terms of the trust, already have the power to appoint a successor trustee. The best thing to do would be to consult with a probate attorney, review the situation and the documents with the attorney and determine how best to proceed.
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As the other attorneys said, it's tough to give you exact advice without seeing the trust. If it is a true bloodline trust, you should already be set. If not, the beneficiaries can possibly create a new trust of their own or go to court for a reformation.
This response does not constitute the establishment of an attorney-client relationship. It is also not to be taken as firm legal advice as such would be contingent on a full inquiry by the attorney into the complete background of the facts and circumstances surrounding this matter. The response is meant to be a helpful guide to a question in a manner which reflects the limited information provided by the inquirer.
I doubt you can amend old trust since you are not the grantor.
If the old trust directs that the property stay in the trust and it becomes uneconomical to do so-you may need a court order to change the trust.
The answer given does not imply that an attorney-client relationship has been established and your best course of action is to have legal representation in this matter.
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