Contingent Beneficiary Tax Credit Shelter Trust

[mmtsh]

I have been named as a contingent beneficiary along with my siblings in my aunt's will. It is a set up as a "tax credit shelter trust". My uncle is still living. From what we understand, her "half" of their entire estate was set aside at her death- uncle is to use his own $ to live off of, but per the will -He can use "her" estate $ in certain circumstances-medical, education & maintenance & when he passes, as long as he set up his will identical to her, the entire estate will pass down to the contingents.

First, I want to make sure I have my facts straight on how this trust works as above and secondly, if I were to die before my uncle, do my children get my share -or- does my share get put back in and divided by my remaining living siblings?

We all live in Pennsylvania.

TY.

 

[LdiJ]

I have been named as a contingent beneficiary along with my siblings in my aunt's will. It is a set up as a "tax credit shelter trust". My uncle is still living. From what we understand, her "half" of their entire estate was set aside at her death- uncle is to use his own $ to live off of, but per the will -He can use "her" estate $ in certain circumstances-medical, education & maintenance & when he passes, as long as he set up his will identical to her, the entire estate will pass down to the contingents.

First, I want to make sure I have my facts straight on how this trust works as above and secondly, if I were to die before my uncle, do my children get my share -or- does my share get put back in and divided by my remaining living siblings?

We all live in Pennsylvania.

TY.

You would have to look to the trust documents to answer your question. There is no single answer to that question. The trust controls. Also, do not count on that money, because if your Uncle ever has to go into a nursing home, the money might end up being completely used up.

 

[mmtsh]

You would have to look to the trust documents to answer your question. There is no single answer to that question. The trust controls. Also, do not count on that money, because if your Uncle ever has to go into a nursing home, the money might end up being completely used up.

Is a "trust" document a different document than the will ?

 

[LdiJ]

Is a "trust" document a different document than the will ?

Wills and trusts are completely separate things.

 

[Dandy Don]

If you know who the trustee is, send the trustee a certified letter asking for a copy of the trust.