What is the name of your state? Florida
My grandfather passed away 1 year ago and left a trust that named my father to receive the entire trust estate to him or if he is not alive at the time of distribution to his then living lineal descendants by right of representation. My father was named successor trustee and I am named successor trustee after him.
My father passed away at year's end and come to find out that there has been some impropriety with his estate with an individual that is trying to get his hands on everything in my father's estate & trust (a whole different battle). I am the only living issue from my father who is also a widower. I am the last of my family. I am also the trustee of my grandfather's trust. No distribution occured from my grandfather's trust during the life of my father. In fact, my grandfather's estate is still in probate. Grandfather's trust is also not fully funded from Grandmother's trust (AB Trust) from her passing 5 years ago.
My question is this -- according to some, the trust dissolves at the time of my grandfather's death because the beneficiary is also the trustee, but I am now the trustee. Do I have the power to enact the remainderman clause in the trust or do I have to distribute the assets to my father's estate (as some have said)? (It doesn't make sense to distribute to his estate because we now have another round of estate taxes to pay on the same assets -- notwithstanding the federal cap and stepped up basis for real estate) If the trust did dissolve, then why was I named successor trustee?
Any help would be appreciated.What is the name of your state?
My grandfather passed away 1 year ago and left a trust that named my father to receive the entire trust estate to him or if he is not alive at the time of distribution to his then living lineal descendants by right of representation. My father was named successor trustee and I am named successor trustee after him.
My father passed away at year's end and come to find out that there has been some impropriety with his estate with an individual that is trying to get his hands on everything in my father's estate & trust (a whole different battle). I am the only living issue from my father who is also a widower. I am the last of my family. I am also the trustee of my grandfather's trust. No distribution occured from my grandfather's trust during the life of my father. In fact, my grandfather's estate is still in probate. Grandfather's trust is also not fully funded from Grandmother's trust (AB Trust) from her passing 5 years ago.
My question is this -- according to some, the trust dissolves at the time of my grandfather's death because the beneficiary is also the trustee, but I am now the trustee. Do I have the power to enact the remainderman clause in the trust or do I have to distribute the assets to my father's estate (as some have said)? (It doesn't make sense to distribute to his estate because we now have another round of estate taxes to pay on the same assets -- notwithstanding the federal cap and stepped up basis for real estate) If the trust did dissolve, then why was I named successor trustee?
Any help would be appreciated.What is the name of your state?