Family Trust-Irrevocable Family Trust

steve asked:


My parents, John and Mary Adams, set up a revocable living trust under the name Adams family trust. I am the benificiary. Now. I’ve been told that their bank accounts and house title which are in their own names have to be changed to the Adams family trust accounts etc. or else I will face probate when they pass away. Is this true?

Roberto Danekas

randy asked:


I’m the 3rd trustee.He sold an asset of the trust to his son for 33% less than worth and $15,000 is missing from the trust account which i questioned him about then he threatened me for finding out.
Also my nephew’s payments for the property he obtained include utilities on the property which makes it look like he is prepaying on the principle of the loan that my dad is carrying since utilities and principle is combined and not separated. Is that how money laundering works?

He has forged, embezzled and committed fraud on the trust account from the information I got from the bank. My father (1st trustee) is still alive but will stand by my brother until the bitter end.

I found that my brother’s previous 2 employers had blamed him for theft from their companies where he was fired or quit when he was cornered

.

My brother has paid for his divorce settlements, credit card bills, property taxes, utilities, insurance, personal loans, gambling and drinking money, new appliances, groceries, out of the trust fund. He has also taken title to my father’s pickup.

I’m trying to protect my kids (who are beneficiaries) from being hijacked out of their inheritance. I don’t need any money and there’s not much time left for me in this world. How do I protect my sons? I’m thinking that my brother will now try to get my side of the family out of my father’s trust account. He can get my father to sign anything.

Any help or information is appreciated. Thank you.

Ann

Gail asked:


Our understanding when setting up a family trust was that it helped expedite matters upon the death of the trustee thus avoiding probate. I just received a notice asking to sign a waiver of process: consent to probate. I’m wondering why probate is necessary.

Demetrius Lamoureux

Luisa asked:


We want to protect our children from going through the probate process when we’re gone. We just finally refinanced after a lengthy process and we don’t want to jeopardize our new loans. Will transferring title to our family trust cause a problem?

Junior Ran

Husko Avoirdupois asked:


I’m not planning on being sued, but I want to protect my assets just in case. If I put them into a family living trust where I’m not the trustee, would someone who sues me personally be able to get into that family revocable living trust to take assets?

Nigel Proper

william asked:


I am planning to create a family trust so that my and my wife’s estate will benefit our heirs and their children for many generations rather than be spent by a few people in a short time. Im looking for ideas like: cash for good grades, Matching grants and scholarships for college. matching down payment on a first home. opening retirement and college savings plans. Im looking for ideas that reward and encourage good financial decisions.

Marcia

Sunny_1_ asked:


I do not have a will but know of a type of trust that can be used to avoid probate. What is the name of it and where can I find a source on the internet that will provide this type of document for me (free of course!). Also, I live in Texas so their laws will apply. My family lives in Michigan.

Bernie Shempert

ksmith517 asked:


My father is dying and doesn’t want to have his properties probated, yet he never set up a trust or quit claimed the properties to us children. I have durable power of attorney. Can I quit claim the house and land to me and my siblings, legally? This is my father’s wish, so we’re not doing anything he wouldn’t want. Or could I set up a family trust as his POA?
Thanks for the help!

Josiah Padget

brewski52_4 asked:


I am the beneficiary of an “irrevocable trust”. The “grantor” is a conservator for my alive 100% disabled Veteran father. I have talked to the P.C. who established the trust with the conservator. He tells me that The terms of the trust are that all assests in the trust are turned over to me when i turn 21 years old. It gets a little tricky and here is where i need help. My mother who is divorced from my father is the “trustee” of my irrevocable trust. When I was younger, she borrowed money from the trust to purchase a piece of real estate for our family. She is now being forced to either sell the property or pay the remainder of the mortgage off. Luckily, the property has been sold. However, the conservator now tells her that the finances from the mortgage go back into the trust and that I do not recieve any assets until my father is deceased. The conservator is really shady and does not tell me much. But like i said the lawyer who established the trust told me that all assets are turned over to me at that age. Who should I believe and if the terms have been changed can I fight it?

Annette Madara

Dan K asked:


A family member died, and their will leaves everything to a trust in their own name. Is it possible to find out who is the beneficiary of that trust?
The trust was in effect before the date fo death. I have a copy of the will, but it gives not details of the trust.

Fletcher Stentzel