Executing a trust

[jnkbell]

What is the name of your state (only U.S. law)? California
My wife's parents have a living trust. Her father passed in 2011, her mother is in a home suffering from dementia and has been legally deemed incapacitated. Before her father passed he resigned as trustee and my wife became successor trustee. She is the sole beneficiary of the trust.

She as also contacted all the institutions with regards to her mother's finances and has been established as the successor trustee, POA, etc.

When the inevitable happens and her mother passes, will we need an attorney to execute the trust or handle any of the issues that will need to be addressed?

 

[curb1]

What assets are titled in the trust and what do you plan to do with the assets? Are you planning on distributing the assets immediately, or keep the assets in the trust? Are there assets outside the trust?

 

[jnkbell]

What assets are titled in the trust and what do you plan to do with the assets? Are you planning on distributing the assets immediately, or keep the assets in the trust? Are there assets outside the trust?

Assets consist of cash and stocks, all of which are in an acct in the trust name. There are two annuities outside the trust in which my wife is listed as beneficiary. The sum of all assets are 500k+/-. As far as distributing the assets, when her mother does pass does the trust not end? And all assets are then transferred to my wife as sole beneficiary of the trust following the directions of the trust?

Feel free to say if I am not understanding the process correctly.

 

[anteater]

Didn't we go through all this 2 years ago?

https://forum.freeadvice.com/wills-trusts-estate-planning-113/executing-trust-501517.html

 

[curb1]

You will be able to transfer assets immediately. Check with the financial institution to find out the exact path that they would want you to follow. The easiest might be for wife to set up an account now with the institution for a direct transfer at the time of passing.

Get IRS Publication 559.

You should be able to do it yourself depending on your abilities.

 

[curb1]

Anteater, thanks for the refresh. Seems like the assets have changed.

 

[jnkbell]

Didn't we go through all this 2 years ago?

https://forum.freeadvice.com/wills-trusts-estate-planning-113/executing-trust-501517.html

Yes, I did seek advice for this forum a few years ago, but it was in regards to her father resigning as trustee, my wife becoming successor trustee, and making that change with bank accts, stocks, etc.

My concern now is with her mother's health failing and approaching a time we will have do deal with the assets, just wanting to do it legally and correctly.

 

[jnkbell]

Yes, I did seek advice for this forum a few years ago, but it was in regards to her father resigning as trustee, my wife becoming successor trustee, and making that change with bank accts, stocks, etc.

My concern now is with her mother's health failing and approaching a time we will have do deal with the assets, just wanting to do it legally and correctly.

Good memory by the way.