My father left me 90% of his Estate and his other sibling 10%. I am Executor of his trust as well as beneficiary on his bank accounts. The money he listed in his trust are not the same as his accounts. Is the other sibling only entitled to the amounts shown in his trust or by me being the beneficiary are the entitled to anything at all ?

It is all in the wording of the will. Often bank accounts change for the funding of the trusts.

Quote:

---

Originally Posted by Fr_Chuck

It is all in the wording of the will. often bank accounts change for the funding of the trusts.

---

The wording is very basic.
It list savings account (approx. value $**,***.**)
Checking account (approx. value $**,***.**)
auto
truck
household goods

I am also on the deed , would that chance the distribution?

The value in the accounts are different than is listed in trust.

The trust document ought to be very clear as to who the beneficiaries are of what assets. If it lists approximate values of accounts, this seems to me to be simply a technique to help you as trustee figure out which accounts your father meant. So, for example, if the sibling is to get 10% of a savings account shown as "approx $5,000," then even if the actual value of the account is now $7,500 I think the sibling is entitled to 10% of the $7,500.

As for your being named on the deed - do you mean you are listed as a co-owner of your father's house? Then depending on the term in the deed, you may or not now be the full owner - if the deed lists you as "joint tenant with right of survivorship," that means the house is yours as the survivor, independent of what his will may say. So please tell us the wording on the deed and we can help you sort this out.

Also, you didn't mention a will - did your father leave one? If he has any assets that were not specifically titled as part of his trust, then they pass to the heirs via the will, not the trust.

On one Bank Account my father named me beneficiary back in the eighties when my mom died , on the other account I am named joint with right of survivorship. Doesn't this then protect me from having to include these asset's in the trust ? I am shown on the Deed with my dad , doesn't say anything about joint tenant or survivorship and yes he had a trust.

Thank-you

I hate it when families start fighting over money at the death of a parent.

If the intent of the will was for one perosn to get 90 percent and the other 10 percent, then that is what should happen,

Being beneficiary on a bank account, still puts it in the estate normally, being listed as joint right normally keeps it out of the estate.

And if the will says one person was to get 10 percent, then they are to get 10 percent of the estate, not merely 10 percent of part of the estate.

Perhaps you should have someone who is not getting part of the money do the role of Executor since if one party is getting money they are dividing, they often try to divide it to their benefit, trying to bend the laws to fit their needs. A estate attoreny to act in that role to divide up the estate would be the best.

It's not a matter of wanting more money it's about doing what my Dad would want which most families don't talk about until its too late. I also didn't mention the other sibling is in prison. Thanks for your input.

If you are listed as joint tenant with right of survivorship on an account, then by law that account is now yours - it's disposition is not controlled by the will (or trust) but rather by the contactual terms of the account. Same thing with any assets that have beneficiaries specifically named - these are assets that are not probated since the contract terms of the account explicitly states to whom they go. So it sounds like for the two accounts you mention they pass directly and completely to you, and not via the will (or trust).

Thank-you ebaines. Very well put. Do you have experience in this area ? Just curious as I have never used this site.