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Duplicate Trusts

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RGZX11

Junior Member
What is the name of your state? California

In 2001 my father created a trust and had it notarized. He then transferred his residence into the trust using the county recorders office. The residence was his main asset.

In 2003 I moved in as a caretaker. He asked for assistance with preparing a trust. He did not inform me he had already created a trust in 2001. I created a second trust and had it notarized.

He passed away in 2007 and now it has come to light there are two trusts - 2001 and 2003 versions. There are differences in asset distribution percentages to beneficiaries in each of the trusts. The first trust was not revoked.

MY QUESTIONS: Which trust takes precedence? I am the trustee successor named in both trusts. Is there any other considerations I should be aware or thinking about with the two trust situation?

Thank You
 


tranquility

Senior Member
If the first trust was not revoked or amended, it is still in existence with the property which was funded to it. A person can have more than one trust and the second trust could be valid on the property which is funded to it. A pourover will should list the exact trust name which it intends to fund with the deceased's assets and the assets should go there. Holding the assets of a trust within another trust could limit what a person can do with funds during his lifetime, but beneficial ownership changes on the death and the trusts should be determined sequentially. The exact wording is important as is the method and manner of the trusts and the grantors' goals.

The real answer can only be had after a review of the documents by an attorney. If you think there will be difficulties or if there will be litigation, you can ask the attorney to take the trusts to the court for a determination. Usually this involves a single piece of property and if it belonged to a trust based on the facts and circumstances and intent of the grantor. However, there is no reason why all the property couldn't go through the process.
 

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