What is the name of your state (only U.S. law)? WA
Hi there - First of all, thanks in advance for your advice.
My grandmother died in October and a partial distribution of the inheritance is being made in the coming weeks. In the will, my inheritance is to remain in a trust until I am 24 with my mother as the trustee (I am 23.5). The will gives her plenty of leeway however as far as disbursement. I am starting graduate school in the fall, so she plans on giving it all to me immediately (and would anyways because it's not expected that my capacity to handle the money would change in the next 6 months).
We received an email from the estate's lawyer stating that my mother will be receiving a $20,000 check (a partial distribution) as my trustee. Does she need to do anything in particular to distribute that money to me? Do we need to set up a bank account and disburse it? Are checks typically written to the trust, trustee or beneficiary ("The trust of John Smith", "John Smith's Mom" or "John Smith")? If the check is in her name, can she just cash it at her bank and send me a personal check?
Thanks so much - I do appreciate any insight you may have related to this or any other problems we may come into.
FYI - The attorney has been very clear that she will offer no advice on the trust issue or offer any knowledge because she does not represent us (or really answer ANY questions from anyone other than the personal representative - my mom's estranged brother).
Hi there - First of all, thanks in advance for your advice.
My grandmother died in October and a partial distribution of the inheritance is being made in the coming weeks. In the will, my inheritance is to remain in a trust until I am 24 with my mother as the trustee (I am 23.5). The will gives her plenty of leeway however as far as disbursement. I am starting graduate school in the fall, so she plans on giving it all to me immediately (and would anyways because it's not expected that my capacity to handle the money would change in the next 6 months).
We received an email from the estate's lawyer stating that my mother will be receiving a $20,000 check (a partial distribution) as my trustee. Does she need to do anything in particular to distribute that money to me? Do we need to set up a bank account and disburse it? Are checks typically written to the trust, trustee or beneficiary ("The trust of John Smith", "John Smith's Mom" or "John Smith")? If the check is in her name, can she just cash it at her bank and send me a personal check?
Thanks so much - I do appreciate any insight you may have related to this or any other problems we may come into.
FYI - The attorney has been very clear that she will offer no advice on the trust issue or offer any knowledge because she does not represent us (or really answer ANY questions from anyone other than the personal representative - my mom's estranged brother).