Pertains to Florida
My mother's living trust calls for "residuary trusts to be created" for grandchildren, naming her children as trustees. Provisions within the Living Trust for the Residuary Trusts are fairly restrictive. None of the children live in Florida and one grandchild is a minor.
We need to know if written agreements are required for the Residuary Trusts, and if so, who is responsible for doing so? The successor trustee (also the lawyer who drafted my mother's Living Trust) will not directly answer this question. Also, who is responsible for applying for TINs?
If we are responsible for having the trust agreements drafted, must it be done by a Florida attorney?
You need to immediately retain new estate counsel. Generally documents are irrevocable upon the death of the settlor. No one has the power to alter such documents. The clause that you quote is troubling and hard to understand. This is why you need to present the whole document to an estates attorney to see what is going on here and to give conclusive advice.
As to the TINs, it is not a TIN but an EIN, an employer identification number. This is done with a Form SS4 with the IRS. But before doing anything you need to get to the bottom of the fundamental trust problem.
Hope this helps.
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The trusts you are referring to are likely "sub-trusts" within the original trust agreement. When the grantor (trust owner) dies, there may be outright distributions or there may be distributions that are "held up" (i.e. until a beneficiary reaches a certain age, or to protect a beneficiary from themselves).
The successor trustee, if he is the attorney that drafted the estate plan, should be providing the beneficiaries with specific information regarding the assets in the trust, the terms of the trust, annual accountings, etc. The attorney will likely assist the children/trustees with funding the grandchildren trusts and will likely be responsible for obtaining the tax ID numbers.
The attorney/trustee should be responsive to your requests for information. However, once the children are trustees, they will want guidance in their responsibilities and should consult with an attorney familiar with trust law.
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