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Revocable Living Trust

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hukre

Junior Member
What is the name of your state (only U.S. law)? NY

Revocable Living Trusts don't have to be officially registered in many states. If the trustee of a living trust passes, what prevents the successor trustee to toss it in the garbage if he/she doesn't like the way the properties are distributed among the several beneficiaries?
 


justalayman

Senior Member
Most trustees of revocable living trusts are also the trustor so if they died it becomes an irrevocable trust.

Additionally it is not the trustees option (if they are not also the trustor) to dissolve a trust. They are charged with handling the trust as the rules of the trust direct.
 

tranquility

Senior Member
What is the name of your state (only U.S. law)? NY

Revocable Living Trusts don't have to be officially registered in many states. If the trustee of a living trust passes, what prevents the successor trustee to toss it in the garbage if he/she doesn't like the way the properties are distributed among the several beneficiaries?
The beneficiaries? They tend to get upset if someone steals there stuff.

Sure, there may be some hurdles to proving things up if dad's trust disappears. But, someone, somewhere usually has a clue to what dad wanted. Perhaps the attorney who created it. As well, if there are many assets like bank accounts, the bank will often want a copy of the trust or at least statement of the trust to open an account. Of course some trusts just disappear when inconvenient. For big money, the IRS will often care. For little money, if the beneficiaries don't care (aka litigate), sometimes the trust just disappears. It happens.
 

FlyingRon

Senior Member
All my successor trustees know where my trust documents is as well as the one beneficiary who is not the trustee. They also know who the attorney that drafted it is. My family is full of attorney's anyhow (though none of them are beneficiaries of the trust, some of them are successor trustees and one is actually the named executor of the pour over will).
 

tranquility

Senior Member
All my successor trustees know where my trust documents is as well as the one beneficiary who is not the trustee. They also know who the attorney that drafted it is. My family is full of attorney's anyhow (though none of them are beneficiaries of the trust, some of them are successor trustees and one is actually the named executor of the pour over will).
Anywhere the issue is a real concern to the trustor, it is simple to fix.
 

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