Beneficiary (trust) Puns

My mom has been named a beneficiary of her fathers trust. He had passed away and the executor of the will has told her she will show her the “paragraph that pertains to her”, is my mom entitled as a beneficiary to see the entire document?

Since I just found out about this is there any statues of limitations that I should be aware of? Can she still be charged criminally or will it only be considered a civil matter?

Location is Indiana.

I am the beneficiary of a trust that contains a property. That property will be sold this month, so the trust will then contain the proceeds from the sale, and I will then receive the proceeds and close the trust. I'm planning on buying a house within 5 years. Will I still qualify for first time home buyers incentives when I do? Or anyone able to point me toward information about this?

So is there any advantage to using a trust as a beneficiary than a person as beneficiary for retirement accounts and life insurance? There are certain disadvantage to using a trust as beneficiary in retirement accounts and trust have a high setup cost. Is there a reason to set up a trust? The only reason I can see if if some control is needed after your death. For example, if you want to hold the account until the person is over 25 for for example. It looks like in most cases, beneficiary would be the simplest way to go.

Lets say a settlor tries to create a trust and there are two classes of beneficiaries. One is parents, and the other is something less certain like ex-girlfriends. If the courts declares the latter to be uncertain, but the former to sufficiently certain, what happens? Is the entire trust still void, or will the subject matter be distributed amongst the remaining beneficiaries?

My husband's grandfather's aunt died in 2006, leaving my husband's grandfather a large sum of money. He subsequently gave a sum to each of his two daughters. He then gave his eldest grandchild (my sister in law, who was an adult, a significant sum of money). The other four grandchildren - two from each daughter - were much younger so the grandfather gave their mother's a significant (equal) amount for each in a savings bond, which he said was "not to be withdrawn or spent until they are over 18 and only with his consent, if he is still living".

My husband is now 25. A few years ago, his grandfather (who can be quite hot headed) called my husband ungrateful. My husband questioned how he was ungrateful as he'd always sent thank you cards for Christmas/birthday gifts etc and sent them gifts and cards etc. His grandfather said he'd never been thanked for the large sum of money. This was the first my husband had ever heard of the money - and he told his grandfather that. His grandfather contacted his mother (my husband and his mother do not speak) and she told him that she had given him the money. When my husband's sister (the younger sister) confirmed she had never received any money either (and the eldest sister who received her money directly said she'd never heard it mentioned), their grandfather went back to their mother for proof she'd given it when he gave consent to do so when they were 18.

His mother then responded that she'd spent it on their musical instruments, when they were younger, out of desperation as she was essentially unable to live because she was so poor. To be clear, this family are incredibly wealthy, she did not work and was completely kept by her husband. My husband got his instrument when he was 10, in 2005 and his sister got hers when she was 14 in 2012. We're able to produce a receipt for my husband's instrument because it was paid for by his father (the parents are divorced) and has been insured since (so is the same instrument). The serial number printed on the instrument is on the receipt. The receipt is dated prior to the death of the relative. We don't have a receipt for the sister's instrument because it was gifted to her by a relative (from the father's side) but its value is only around 10% of the money.

My basic knowledge of law indicates that a trust was established here with my husband as a beneficiary, my mother in law as the trustee and my grandfather in law as the settlor. We can only see the terms of the trust beca

I'm filling out the beneficiary forms for a non-retirement brokerage account. The account is currently in my name. If I name my revocable trust as the primary beneficiary (with no contingent beneficiaries), does that avoid probate? Are there any downsides to doing this?

I posted this on the bar exam subreddit, then thought it might be better suited here.

There’s a hypo I read while studying, but never got a complete answer to. The beneficiary of a trust disclaims, but the statute says to be valid it must be done within 9 months and he’s passed the time limit. There are other beneficiaries who cannot take yet bc of age.

What is the effect of an invalid disclaimer? The answer allowed him to cease receiving any disbursements, but didn’t go any further. And I still have QUESTIONS!

What happens to the trust in the meantime? Is an invalid disclaimer still treated as if the disclaimer predeceased?

Anyone know what I’m talking about or have any answers? I’ve searched through all my outlines, notes, flash cards, and google and it’s just never even addressed.

I have investments in IRAs, ETFs, and Index Funds through several different investment companies and robo-advisors. What is the best way to handle naming beneficiaries? Should I...

1. Name individuals and the percent they are to receive on each individual investment?
2. Name and estate and then explain in a will how I want the state divided? And if so, how do you set-up an estate?
3. Set-up a revocable trust for all the money to go to from all of the funds, and then designate beneficiaries with that trust.

Which makes it easiest/fastest on the beneficiaries? Which is the most tax-advantaged for me?

Other information that might be helpful...

I'm 35 in LTR but not married yet. I have $40K invested across different accounts. I plan on investing 15% of every paycheck from here on out.

I plan to distribute assets something like 80% to partner, 10% to brother, 10% to charity. If both people are also deceased I want all of my assets going to charity. I am never having children.

Thank you in advance!!

So my uncle died at the beginning of January, and left a vehicle in trust to my grandmother to pay for her care outside of the benefits she already received while she is in a nursing home. Apparently this trust hasn’t been set up yet and the paperwork was filed about a month after my uncle died (at the beginning of February).

I just found out my grandmother died last week on February 18th (weird family dynamics make communication with each other wonky). I know in my grandmother’s will, as of 2016 and unless it was changed or a new one was written, stated everything goes to my father unless he predeceased her (which he has, three years ago) and then it goes to her three grandsons (my brothers and I). How would all this work i.e. would the trust then come to us? Trying hard to find information but I understand this is a complicated and outside the normal realm of wills, estates, trusts, and beneficiaries.

Thanks!

Edit to update location: I’m in Texas, grandmother and uncle died in Florida.

UPDATE to include: more information as I know have it as of 2/25/2021

The paperwork filed with the court to establish guardianship and the trust for my grandmother has been dissolved by the filing attorney. Which makes sense, since there is no need for a trust for someone who is now deceased. We did submit my grandmother's will, but we don't know if it will be considered valid. In it, she did disinherit my uncle from her estate with a statement as to why.

Again, not sure how anything would pan out i.e. would anything come to my brothers and I?

TL;DR: My grandmother died before the trust my uncle established for her upon his death could be finalized, and I am the beneficiary of my grandmother's estate upon her death. Am I entitled to her trust?

I.E., by calling/visiting the bank, or something?

Edit: It was created without my knowledge; he informed me about a year later.

Additional info: I am not a minor. || USA, RI

People are dying quickly these days. You might too. If you don't have a will, do you know who inherits your assets? Maybe an ex-spouse (not a current one)? Review your financial and property records.

Question on the SECURE Act (from the things-I-should-know-by-now file).

First client I’ve had this year where they want to name the Bypass or Marital Trust as beneficiary of the IRA so that surviving spouse cannot change the beneficiary, but still want IRA to provide for surviving spouse during their lifetime.

My understanding, if you name a Marital Trust as beneficiary, assuming the trust is properly drafted so it qualifies as an EDB, you still get the lifetime stretch, correct? Then, at surviving spouse’s death, when the Marital Trust terminates and the IRA passes to the remainder beneficiary of the trust, they are stuck with the 10-year payout window (whether an individual beneficiary or in trust), correct?

Based on a paper from Natalie Choate (the guru of estate planning and retirement accounts), I believe everything in the previous paragraph is correct. She did not have any guidance on Bypass Trusts, but from what I have read, if you make the Bypass Trust a “conduit” trust payable only to the surviving spouse, then it also qualifies as an EDB and you get the lifetime stretch and the same 10-year payout window at surviving spouse’s death, correct? (But, obviously, not generally going to make sense to name Bypass since the RMDs will come right back out of the conduit trust, so you would be using up exemption for property that may end up being a part of surviving spouse’s estate.)

And I don’t believe it matters if the remainder bens are minor children, chronically ill, disabled, or less than 10-years younger, they still only get the 10-year window following surviving spouse’s death and the termination of the Bypass/Marital Trust.

So if this is all correct, seems like in blended families it’s going to make more sense to name the QTIP/Bypass as primary beneficiary since all you are losing is the option to do the spousal rollover, unless I’m missing something?

So, I had a will created that creates trusts for my minor children. I was told by the attorney that the verbiage I should use for the beneficiary on my various accounts is "Trustee of the Trust under my Will". The thing is, generally financial institutions don't let you write in whatever. They have options you have to choose from. One of mine requires that I provide a fname, lname and DOB. Another asks for an id and type (SSN, Passport, license). The trust doesn't exist at this point, so there is no name and creation date. If I choose "Person" as the beneficiary then I have to provide details on a specific person. If I choose "Trust" then I have to provide details on the trust that doesn't exist. Any ideas on how to handle this? I have removed all beneficiaries for now. I don't know if that's a problem or not.

I have investments in IRAs, ETFs, and Index Funds through several different investment companies and robo-advisors. What is the best way to handle naming beneficiaries? Should I...

1. Name individuals and the percent they are to receive on each individual investment?
2. Name and estate and then explain in a will how I want the state divided? And if so, how do you set-up an estate?
3. Set-up a revocable trust for all the money to go to from all of the funds, and then designate beneficiaries with that trust.

Which makes it easiest/fastest on the beneficiaries? Which is the most tax-advantaged for me?

Other information that might be helpful...

I'm 35 in LTR but not married yet. I have $40K invested across different accounts. I plan on investing 15% of every paycheck from here on out.

I plan to distribute assets something like 80% to partner, 10% to brother, 10% to charity. If both people are also deceased I want all of my assets going to charity. I am never having children.

Thank you in advance!!