What is the name of your state (only U.S. law)? NY
If an irrevocable trust beneficiary has been changed in a will (because of a falling out) via a limited power of appointment, will the state upon death-and I hope this is a long time from now-have to seize and distribute the assets. Or, will the state take the trust to court to demand funds be distributed to the new beneficiary?
Just curious because I believe trusts are privately distributed funds that avoid probate and I believe execute immediately in their distribution.
Thank you for your advice.What is the name of your state (only U.S. law)?
If an irrevocable trust beneficiary has been changed in a will (because of a falling out) via a limited power of appointment, will the state upon death-and I hope this is a long time from now-have to seize and distribute the assets. Or, will the state take the trust to court to demand funds be distributed to the new beneficiary?
Just curious because I believe trusts are privately distributed funds that avoid probate and I believe execute immediately in their distribution.
Thank you for your advice.What is the name of your state (only U.S. law)?