Question re: Will & Trust

[m1k3yb]

What is the name of your state (only U.S. law)? SC
My father died within the past month. He has a surviving spouse (2nd wife) and two surviving daughters. In his will, it is stated that his 2nd wife (Stepmom) is to receive all of his immediate possessions including bank accounts, etc. Further included is a Trust that identifies the beneficiaries (myself & my sister) whereas Stepmom is the Trustee. Stepmom will still NOT ALLOW us to review the will, so we obtained it from the Probate Court and reviewed it ourselves. It is our belief that Stepmom will lavishly spend the Trust and by that time, there won't be anything left. At the present time, the contents of the Trust are unknown to us. How can we stop her as well as find out the contents of said Trust? Thank you.

 

[anteater]

Was the trust created while your father was still alive? Or is it a testamentary trust, that is, the will's provisions call for the creation of the trust?

If you wish to plow through the South Carolina Trust Code, you can find it here:
http://www.scstatehouse.gov/code/t62c007.htm

I will only quote part of it:

SECTION 62-7-813. Duty to inform and report.

(a) A trustee shall keep the qualified beneficiaries of the trust reasonably informed about the administration of the trust and of the material facts necessary for them to protect their interests. Unless unreasonable under the circumstances, a trustee shall promptly respond to a beneficiary's request for information related to the administration of the trust.

(b) A trustee:

(1) upon request of a beneficiary, shall promptly furnish to the beneficiary a copy of the trust instrument;

(2) within 60 days after accepting a trusteeship, shall notify the qualified beneficiaries of the acceptance and of the trustee's name, address, and telephone number;

(3) within 60 days after the date the trustee acquires knowledge of the creation of an irrevocable trust, or the date the trustee acquires knowledge that a formerly revocable trust has become irrevocable, whether by the death of the settlor or otherwise, shall notify the qualified beneficiaries of the trust's existence, of the identity of the settlor or settlors, of the right to request a copy of the trust instrument, and of the right to a trustee's report as provided in subsection (c); and

(4) shall notify the qualified beneficiaries in advance of any change in the method or rate of the trustee's compensation.

(c) A trustee shall send to the distributees or permissible distributees of trust income or principal, and to other qualified or nonqualified beneficiaries who request it, at least annually and at the termination of the trust, a report of the trust property, liabilities, receipts, and disbursements, including the source and amount of the trustee's compensation, a listing of the trust assets and, if feasible, their respective market values. Upon a vacancy in a trusteeship, unless a cotrustee remains in office, a report must be sent to the qualified beneficiaries by the former trustee. A personal representative, conservator, or guardian may send the qualified beneficiaries a report on behalf of a deceased or incapacitated trustee....

 

[curb1]

Did "father" have any real estate? How is the real estate titled? You can check this at the courthouse. What assets do you believe are in the trust?

 

[m1k3yb]

Reply to Will & Trust

Tnx for the responses. The Trust was initiated while my father was still alive. He DID have real estate; In fact, he owns several properties including one out of state. The one piece of real estate is under Joint Tenancy w/ Survivorship, the one titled out of state is unknown. A check at the Register of Deeds will solve that one. Regarding assets in the trust, that is completely unknown to me.

 

[curb1]

It all depends on the language of the trust. With "stepmother" as the trustee, there is a very good chance that you will not see any of the assets.

The "Joint Tenancy w/ Survivorship" belongs to "step mom", also (if she was part of the joint tenancy).

Do you have any indication that "father" intended to leave anything for you and sister? Did you have any estate planning conversations with him?

You have a difficult situation unless the trust has language favorable to you. There might not be any assets under the umbrella of the trust.

 

[m1k3yb]

That's what I was afraid of. In regards to the Joint Tenancy w/ Survivorship, Stepmom is to receive that. At this point, we're waiting to visit w/ our attorney who will decipher the language in the will and hopefully get a chance to uncover the contents of the Trust.

 

[curb1]

There might not be anything in the trust. It sounds as though his intent was to give everything to "step mom".

Good luck. Let us know what happens.

 

[m1k3yb]

Tnx for your inputs. We'll see what transpires & post an update.

 

[TrustUser]

few people create a trust with no intention of using it.

many people create a trust, still unaware that assets must be re-titled.