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What a day! Parents had a trust for all assets…,
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r82230
Posted 11/19/2024 07:41 (#10973394 - in reply to #10973086)
Subject: RE: What a day! Parents had a trust for all assets…,



Thumb of Michigan		First, find out if land/farm is in a trust, that would be somewhat easy to find out, register of deeds office, (public information). This would tell you property is in what trust (or 'sub trust').

Secondly, IF (big word) you or anyone else is a beneficiary of any or all trust(s), then beneficiary has the right to see the trust (once grantor/dad/mom) have died. The successor trustee (whomever follows your dad, e.g. brother) has a fiduciary responsibility to the beneficiary(ies). So here I'd be asking who is the beneficiary of dad/mom's trust? If you're not, SOL.

IF the trust(s) were set up as revocable (changeable, which most likely were) during dad/mom's life, then they become ir-revokable at last grantor's death (assuming dad/mom were the grantors). Irrevocable trust most likely will have an annual income tax return that will need to be filed especially if there is any income producing assets in the trust.

FYI, there are usually three positions in most trusts. A grantor(s), the person who creates and funds the trust, a trustee(s), which is usually the grantor(s), with possible successor trustee(s) named* and beneficiary(ies)**, which is usually starts with grantors, then successor beneficiary.

* Successor trustee usually doesn't take over until grantor becomes incapacitated or death. Sometimes there can be a 'list' of successor trustees, in case a successor trustee is unable to act, next one takes over. Original and successor trustee(s) can be joint or individual trustees and could have a financial institution as a co-trustee. The reason for the financial institution being a co-trustee is what I describe as a nuclear bomb at family picnic, institution would still be around. In all cases fiduciary responsibly apply to ALL trustees.

**Successor beneficiary can have layers (e.g. son/daughter if alive, then grandchildren as an example). Successor beneficiary CAN request a removal of a successor trustee under certain conditions (successor trustee not acting as a fiduciary or changing financial institution). However, this will most likely involve an attorney (why it's important to find one who is familiar with this area of law and there are not many).

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