just received a copy of the will and it says nothing about the distibution of assets. There is also a revocable trust that I have found a copy of that is at best vague. I have discovered that the trust was "amended and restated" a year later. I do not have a copy of this one. I have been given very limited information from the executor and trustee (they are the same person), and I don't know if it's because games are being played or I am not asking the right questions. I have been told by them that I am an heir and the asset division basics, but cannot get a straight answer about life insurance benefits or estimated assets of the estate. I have heard rumors of between 10-15 million.
The trustee (a relative) has been managing the trust for 16 years, with little if any oversight from other family members, because evidently they are "difficult". I haven't had any dealings with this person or others in my family wanting to distance myself from the drama. Now that I am being put in the position of "investigator" by my siblings, and having to educate myself about the whole process, I came here for help.
Here are my questions:
Since there is a will and the trust, what's the point of having a will if the trust dictate how the estate is distributed?
Does the will have to go through probate before the trust is distibuted?
How would I find out who the beneficiaries are for the life insurance policy?
How do I get straight answers about the value of the estate?
Can the trustee purchase a home and have my aunt (who passed) listed as a co-buyer. If so since my aunt was a co-buyer, does the house have to be included in my aunts assets?
I have found a 3rd trust with a piece of property that no-one seems to know about but me. Instead of finding all this out bit by bit, is there some way to ask for COMPLETE disclosure of all pertinent information regarding the estate?
I'm sure I will have more questions, so please bear with me. I am new at this whole thing.
Thanks
The trustee (a relative) has been managing the trust for 16 years, with little if any oversight from other family members, because evidently they are "difficult". I haven't had any dealings with this person or others in my family wanting to distance myself from the drama. Now that I am being put in the position of "investigator" by my siblings, and having to educate myself about the whole process, I came here for help.
Here are my questions:
Since there is a will and the trust, what's the point of having a will if the trust dictate how the estate is distributed?
Does the will have to go through probate before the trust is distibuted?
How would I find out who the beneficiaries are for the life insurance policy?
How do I get straight answers about the value of the estate?
Can the trustee purchase a home and have my aunt (who passed) listed as a co-buyer. If so since my aunt was a co-buyer, does the house have to be included in my aunts assets?
I have found a 3rd trust with a piece of property that no-one seems to know about but me. Instead of finding all this out bit by bit, is there some way to ask for COMPLETE disclosure of all pertinent information regarding the estate?
I'm sure I will have more questions, so please bear with me. I am new at this whole thing.
Thanks