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Wills, Trusts and Estate Planning : Includes Living Trusts, Estate and Gift Tax Planning, etc.
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Old 01-27-2003, 07:54 AM
gregory bogen
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revocable trust and death of one of the trustees


What is the name of your state? Florida
5 years ago my parents set up a revocable living trust of which I am a Cotrustee.2 years ago my mother died.Is any action required in order for this trust to continue to be valid and if so what should be done?
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Old 01-27-2003, 01:27 PM
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The trust remains valid. It usually would make sense to consult with the lawyer who drafted it, or another capable attorney, ASAP to make sure what's needed, etc. as what, if anything, you or others may have to do depends on EXACTLY what the trust provides. And reading that is a risky game for novices.

If it provides that the remaining trustes(s) continue to serve and nothing else -- say there were 3 and now there are 2 -- nothing usually need be done other than notifying any banks, etc. that there are now 2 as a result of the death. If it requires there always be 3 trustees, and names a successor, then notify the successor and get his or her name on the accounts, etc. Of course if there is any potential claim that could be levied against the trustees, you'd be absorbing it on your own if the estate of the decesased is not notified, which is another reason why seeing a lawyer also makes sense.
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