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revokable living trust/seperate beneficiaries

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Lebe2755

Junior Member
What is the name of your state (only U.S. law)? Iowa/ My mom and step-Dad had a living trust setup , Mother lassed away in 2006 dad received everything, however Mom had put in that my siblings and I were beneficiaries to her half. Dad had said many times when he passed that would be taken care of, His part said his half went to his children. They are both gone now and step-brother is now saying that I am entitled to nothing is this true? Also upon Mom's death was lead to believe that while Dad had access to and was allowed to spend it he was suppose to pay her beneficiaries or we were to receive our part upon his death. Step-brother also didn't contact trust firm where was originally drawn up and has been spending money like there is no tomorrow . What are my rights in this matter/What is the name of your state (only U.S. law)? Iowa , however trust was dranw up in Kansas
 


curb1

Senior Member
Have you seen a copy of the Trust? Your rights will depend on how the Trust was written. There is a good chance that step-father did not follow the wishes of your mother. You need to see the Trust if you are a beneficiary. You need to get an attorney involved yesterday, before assets are lost.
 

TrustUser

Senior Member
as curb said, it depends on how the trust was written.

what you are describing is an AB trust, in which two separate trust shares are set up.

the "deceased" portion has its beneficiaries cast in stone at that point, and the surviving spouse is usually given access to spend from that trust for normal living expenses.

while the other half, the surviving spouse can do whatever he/she wants to do with it.

however, if the trust document did not spell this out, and all the assets were transferred to the step-dad, the step-dad can do whatever he wants with the assets.

for reasons just like this, i usually like the idea of re-married people each having their own separate trust document.
 
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