WhistleBlowerFA
Member
What is the name of your state? North Carolina
I'm the Administrator of the Estate of an individual who died intestate. He did have a Revocable Trust, to which he named another individual as Trustee. The Trustee didn't notify any of the institutions; that were named beneficiaries of the Trust, that they had been left grants from the Trust. Although the Trust explicitly charged that Trust; in the Trust document, with the responsibility of paying the taxes on the Trust's income, the Trustee hasn't paid any of those income taxes. After receiving letters from the IRS; as Administrator of the Estate, requesting payment of these taxes, I contacted these beneficiaries about the grants that were left for them in the Trust. This was the first time that they had been made aware of these grants. Two of these institutions contacted the Trustee about legal actions to require him to comply with provisions of the Trust, and the Trustee subsequently sent them checks for their grants. The last beneficiary institution; which is the residual beneficiary of the balance of that Trust, hasn't gone beyond excepting the Trustee's assertion that there are no funds left in the Trust. Based on the bank documents that I have gathered in shared with the beneficiaries, there should still be several $100,000 left in the Trust.
I'm going to have to bring suit against the Trustee, to force him to comply with the provision requiring him to pay the taxes, however I am also wondering; what happens to the balance of the funds in the Trust if the residual beneficiary elects not to accept, or compel compliance of delivery of the residual funds. Do these residual funds become a part of the Estate, if the residual beneficiary does not accept those funds?
I'm the Administrator of the Estate of an individual who died intestate. He did have a Revocable Trust, to which he named another individual as Trustee. The Trustee didn't notify any of the institutions; that were named beneficiaries of the Trust, that they had been left grants from the Trust. Although the Trust explicitly charged that Trust; in the Trust document, with the responsibility of paying the taxes on the Trust's income, the Trustee hasn't paid any of those income taxes. After receiving letters from the IRS; as Administrator of the Estate, requesting payment of these taxes, I contacted these beneficiaries about the grants that were left for them in the Trust. This was the first time that they had been made aware of these grants. Two of these institutions contacted the Trustee about legal actions to require him to comply with provisions of the Trust, and the Trustee subsequently sent them checks for their grants. The last beneficiary institution; which is the residual beneficiary of the balance of that Trust, hasn't gone beyond excepting the Trustee's assertion that there are no funds left in the Trust. Based on the bank documents that I have gathered in shared with the beneficiaries, there should still be several $100,000 left in the Trust.
I'm going to have to bring suit against the Trustee, to force him to comply with the provision requiring him to pay the taxes, however I am also wondering; what happens to the balance of the funds in the Trust if the residual beneficiary elects not to accept, or compel compliance of delivery of the residual funds. Do these residual funds become a part of the Estate, if the residual beneficiary does not accept those funds?