Personal Trust - two states

[lemieux44]

What is the name of your state? Florida

All family currently resides in Florida and I am executor. Revocable trust was established in North Carolina and is simply a 10 page letter from an attorney in NC. When the inevitable occurs, I have this trust (in the form of a letter), list of bank accounts and deed to the house.

Am I in good shape to proceed with asset distribution if I do nothing from this point? Should I be concerned with the NC - FL change in residence? Appreciate your receommendations on how to prepare. Thanks!

 

[seniorjudge]

Q: Revocable trust was established in North Carolina and is simply a 10 page letter from an attorney in NC.

A: This is not a trust.

 

[lemieux44]

so thats the end of the answer? I was under the impression that I would get advice from this forum and not condescension. Hopefully a reply from someone willing to share advice will guide me.

 

[seniorjudge]

so thats the end of the answer? I was under the impression that I would get advice from this forum and not condescension. Hopefully a reply from someone willing to share advice will guide me.

That was not condescension. That was a correct answer.

Now that you know that you have no trust, what questions would you like answered?

 

[lemieux44]

dont need anything answered. have a good life showing off on a message board, jerk

 

[seniorjudge]

dont need anything answered. have a good life showing off on a message board, jerk

....ok....

 

[Dandy Don]

Please don't be alarmed or upset by seniorjudge's remark--he gave you proper advice although it is a bit presumptuous for him to say so since he hasn't seen the actual language of the document to know whether it qualifies as an actual trust or not.

Was this document prepared by a trust attorney? Are YOU the trustee? You can visit your local library or bookstore to get a few books about trusts to find out what your responsibilities will be when the time comes, but if you don't have the time to do that, when the time comes to administer the trust you will need to consult with a trust attorney to have him/her guide you through the process.

Very important for you to find out now if all assets mentioned in the trust have been funded into the trust and if they don't have the name of the trust on them, then get that done. Your trust attorney can advise you how.

DANDY DON IN OKLAHOMA ([email protected])

 

[seniorjudge]

...Please don't be alarmed or upset by seniorjudge's remark--he gave you proper advice although it is a bit presumptuous for him to say so since he hasn't seen the actual language of the document to know whether it qualifies as an actual trust or not....

Revocable trust was established in North Carolina and is simply a 10 page letter from an attorney in NC.

Cite me ONE case where a letter from an attorney established a trust and I will withdraw my remark.

 

[Dandy Don]

Just because it's in letter form doesn't automatically mean it's not a trust--although I do agree that that aspect does need to be seriously scrutinized--wouldn't the overriding determination be the actual language used as to whether it meets the requirements of a trust or not--and you have not seen the actual language? You are automatically dismissing it without even considering how it is set up.

DANDY DON IN OKLAHOMA ([email protected])

 

[seniorjudge]

Q: wouldn't the overriding determination be the actual language used as to whether it meets the requirements of a trust or not

A: There is no such thing as an express trust set up by any one other than the trustor.


OP needs to take whoever it is (if the whoever is still competent) to a good estate planning attorney and get this straightened out.

If whoever it is is not competent, there are still things they may be able to do.

But they definitely need a good lawyer involved here.

 

[GaAtty]

GaAtty

I don't think the state change makes any difference, but if the trust is not set up properly, the money in it will just be funds that are part of the estate. That doesn't matter if everyone agrees, but families tend to squabble if someone claims more than another. The question that will come up is whether the trust money is to be distributed as directed in the will, or another way. Better to get the distribution of the trust (if it is a trust) a lot more clear. I also doubt that it is a trust, but haven't read it.