Trusts

[Mambo123]

What is the name of your state (only U.S. law)? GA

(forgive me if I'm using trusts wrong)

My grandfather had trust accounts - when he died there was no will to probate bc he made trust accounts and made my mother the beneficiary. (I know this bc I found the lawyer who probated my grandmother's will and he said my grandfather didn't need to probate a will bc of the trusts). I was told that my brother and I were supposed to receive trusts but it's been 3 years since he died and over 1 year since my grandmother died and my mother hasn't mentioned anything to me. I asked my father and he laughed and said that money is 'long gone'. I asked a lawyer to write a letter to my mother that my mother would have to let me know if I was listed in the trust but the lawyer said even if we contact her, she doesn't HAVE to tell us - and if she really did spend the money, then what?

I am wondering is there any recourse? Anything I can do? My grandfather told me that my brother and I would share his retirement account which had at least $750k in it. Since my grandparent's deaths, my brother has been in and out of rehab so I am wondering if my parents used all that money for him? My brother also owes back child support (I still talk to his ex) that was awarded through the courts that he never paid.

I talk to my parents but don't live near them. This has obviously been causing me a great deal of stress and I am having a hard time talking to my mom. Should I just let it go? I'd like to get this cleared up before I go home for the holidays.

 

[LdiJ]

What is the name of your state (only U.S. law)? GA

(forgive me if I'm using trusts wrong)

My grandfather had trust accounts - when he died there was no will to probate bc he made trust accounts and made my mother the beneficiary. (I know this bc I found the lawyer who probated my grandmother's will and he said my grandfather didn't need to probate a will bc of the trusts). I was told that my brother and I were supposed to receive trusts but it's been 3 years since he died and over 1 year since my grandmother died and my mother hasn't mentioned anything to me. I asked my father and he laughed and said that money is 'long gone'. I asked a lawyer to write a letter to my mother that my mother would have to let me know if I was listed in the trust but the lawyer said even if we contact her, she doesn't HAVE to tell us - and if she really did spend the money, then what?

I am wondering is there any recourse? Anything I can do? My grandfather told me that my brother and I would share his retirement account which had at least $750k in it. Since my grandparent's deaths, my brother has been in and out of rehab so I am wondering if my parents used all that money for him? My brother also owes back child support (I still talk to his ex) that was awarded through the courts that he never paid.

I talk to my parents but don't live near them. This has obviously been causing me a great deal of stress and I am having a hard time talking to my mom. Should I just let it go? I'd like to get this cleared up before I go home for the holidays.

If your grandfather had a retirement account with you and your brother listed as beneficiaries, then there would have been no way for anyone other than you and your brother to access that money, unless the two of you were minors, and that does not appear to be the case.

If your grandparents needed any kind of nursing home care then its highly possible that their money was used up.

 

[Zigner]

Furthermore, if you not named in the trust, then you have no right to see the trust.

 

[Taxing Matters]

Georgia statutes require that at the point the trust becomes irrevocable the trustee of the trust must notify each trust beneficiary of the existence of he trust. So, did you get an actual notice from a trustee that you are a beneficiary of a trust? If not, then there may in fact be no trust there for which you are a beneficiary.

 

[HRZ]

There are any number of possibilities ..and absent some more solid information you will simply be chasing shadows .

Yes it is possible that there were trusts and the provisions allowed trustee considerable latitude to disburse both income and corpus at Moms level and Mom chose to use all the money on what she felt were needs ...then again there are many other possibilities ....and even if supposedly trustee was to notify you ...perhaps the trustee " forgot " the rules. Apparently Dad knows some of the points...but is not sharing the details ?

 

[Mambo123]

If your grandfather had a retirement account with you and your brother listed as beneficiaries, then there would have been no way for anyone other than you and your brother to access that money, unless the two of you were minors, and that does not appear to be the case.

If your grandparents needed any kind of nursing home care then its highly possible that their money was used up.

Thanks.
That's true about the retirement account - the bank would have notified us (no we aren't minors).
Yes - they were both in nursing homes so that could also be a possibility.

 

[Mambo123]

Georgia statutes require that at the point the trust becomes irrevocable the trustee of the trust must notify each trust beneficiary of the existence of he trust. So, did you get an actual notice from a trustee that you are a beneficiary of a trust? If not, then there may in fact be no trust there for which you are a beneficiary.

I didn't get a notice. The lawyer who did the paperwork told me that the trustee was supposed to let all the beneficiaries know - which made me believe there ARE beneficiaries out there that weren't notified. I don't know why my mom wouldn't let people know so maybe there really was no one else named but her.

 

[Mambo123]

There are any number of possibilities ..and absent some more solid information you will simply be chasing shadows .

Yes it is possible that there were trusts and the provisions allowed trustee considerable latitude to disburse both income and corpus at Moms level and Mom chose to use all the money on what she felt were needs ...then again there are many other possibilities ....and even if supposedly trustee was to notify you ...perhaps the trustee " forgot " the rules. Apparently Dad knows some of the points...but is not sharing the details ?

Exactly!
I do feel like I'm chasing shadows. I "feel" like my mom has chosen that she's been given "considerable latitude" - because I don't want to believe she's purposefully keeping this information (and money) to herself.

I might bring up the issue in person over the holidays.

I appreciate your response because it explains exactly how I feel and gives an explanation about what might really be going on.

 

[LdiJ]

Exactly!
I do feel like I'm chasing shadows. I "feel" like my mom has chosen that she's been given "considerable latitude" - because I don't want to believe she's purposefully keeping this information (and money) to herself.

I might bring up the issue in person over the holidays.

I appreciate your response because it explains exactly how I feel and gives an explanation about what might really be going on.

You said that your grandparents were both in nursing homes. The odds that there was any money left for anyone to inherit are slim to none. You may end up blowing up your family for nothing.

 

[Mambo123]

You said that your grandparents were both in nursing homes. The odds that there was any money left for anyone to inherit are slim to none. You may end up blowing up your family for nothing.

That's true. That's why I figured I'd post on here before asking family directly. My grandmother was in a home for a year before she passed. Grandfather was very sick for about 6 months.

 

[HRZ]

ITs also possible that the trusts were set up and funded early so the assets could be preserved and allowed GPs to tap public sector benefits for nursing home .....and other possibilities...you remain n the dark .

AT $8,000 a month for nursing home care for combined 18 months would be in $144,000 range .

 

[Mambo123]

ITs also possible that the trusts were set up and funded early so the assets could be preserved and allowed GPs to tap public sector benefits for nursing home .....and other possibilities...you remain n the dark .

AT $8,000 a month for nursing home care for combined 18 months would be in $144,000 range .

Yup - "chasing shadows" and "in the dark". only one with the real answers is Mom. Better be careful not drink too much over the holidays.

 

[Dandy Don]

IF the retirement account was not titled in the name of the trust, then she had no right to access that money and it should have gone to the designated beneficiaries.

Is it possible that mother could have used a power of attorney to have a change in beneficiary designations done that may have been illegal in Georgia?

If you know the name of the company where the retirement account was held, then ask an attorney on your behalf to contact the company to ask for a copy of the beneficiary designation form and also ask whether a beneficiary designation change form was submitted for that account.

 

[Zigner]

I was told that my brother and I were supposed to receive trusts...

Told by whom?

 

[Mambo123]

Told by whom?

By my grandfather - he told me - and asked for my and my brother's SSN. He was sick and when given 6 months to live, supposedly he got everything in order (confirmed by the lawyer who did my grandmother's will).