 |
|
| Browse | Ask | Answer | Search | Join/Login |
|
|
||||
|
Trust Account Opening
My Mom passed away with a Revocable trust account in the state of Maryland. Now my assumption is since she is dead, perhaps it is now irrevocable. Question I have is if I want to open a trust account in the state I live in, Maine, how do I do this and what type of Trust account would I open. There are multiple beneficiaries that will be paid out of this account. Any help is appreciated.
|
||||
|
||||
|
You are correct, it was only revocable by her before her death... thus it will be handed out according ot the condition in the trust.
You can only do anything with the part that is yours that you have acess to... you can't do anything with any parts that involve other people. First off, what are the terms and conditions of the trust? Second, to set up another trust you do really need a lawyer experienced in this area. Way too many traps and pitfalls for it to be a do-it-yourself project. |
||||
|
||||
|
If I am the pers rep/trustee of estate and trust and am responsible for distribution of funds to beneficiaries along with payments to lawyer/court fees/back taxes etal... wouldn't I have access to all funds? If yes, and I wanted to move the money from the trust in Maryland to a trust in a bank in Maine, what type of trust account would the law require it to be? Thank you Smoothy for your promt answer and assistance, much appreciated!
|
||||
|
||||
|
I know enough about trust funds and estate planning to know its beyond my ability to do myself.
But your reponsiblility is to disburse these funds to the beneficiaries... we are going to be in very delicate waters if anything about this other trust will delay or diminish their receiving the money. And one reason why a lawyer specialized in this area is needed, as there will be tax implications etc... Another point that will matter is are the benificiaries minors or adults. I will bow out but continue to watch this thread, because we are now beyond my ability to advise on this, there will be others who do know this field much better who will respond, it might be today, it might be in a few days, so please be patient. |
||||
|
||||
|
Maryland Lawyer fees
In Maryland I understand the Lawyers fees related to a regular estate is $1800.00 + up to 3.6% of the estate.
My question is: Is the amount of the charge based on only the Estate (probate) funds and not the revocable, now irrevocable Trust (non-probate) funds? Or are both added together to calculate the charge from the Resident Agent (Lawyer)? There is a substantial difference in the dollar amounts between the two accounts. Thank you all in advance for your help. |
||||
|
||||
|
This is interesting that in Maryland attorneys can still charge a percentage of the estate. I suspect that you can, despite such a fee schedule, negotiate a lower fee and suggest that you seek a negotiated fee. If you have already retained the attorney, my guess is that the percentage is based upon the amount of the probate estate; unless, of course, you want the attorney to help you with administration of the trust as well.
|
||||
|
||||
|
"Trust" me I don't want his help with the trust! And yup, by law they can still charge a percentage of the estate. I was indeed hoping though that it was based on the estate portion. I will take the advice to negotiate if unreasonable. Thank you for your promptness and the help!
|
||||
|
||||
 Originally Posted by EstateQuestions
Are you asking about a Will? Here's a very good site: Executor & Trustee Survival Guide - Frequently Asked Questions. My advice would be not to go into this without legal advice - you are responsible for making sure the entire matter is handled legally and appropriately. Make one misstep and you have a problem. Why would you question whether the beneficiaries have to be noticed? How else would distribution be made? |
||||
|
||||
|
I do have a Lawyer in the state the will and revocable (now irrevocale) trust agrrement were written. However, not very quick to respond. We fully understand all aspects of the "estate" (probate) account assets. We find different instructions in Maryland and can't get a straigt answer regarding prior notification to the direct beneficiaries regarding the trust. Some places say they need to be informed prior to distribution with a copy of the distribution of ALL assets. Other places say just distribute showing their section of document stating how much to receive and obtain written confirmation of receipt of funds. Just chacking if anyone knew for sure if I needed to notify prior or not... I will check out the FAQ site you sent... thank you.
|
||||
|
||||
|
Originally Posted by smoothy
I didn't catch it - and, yes, it's the same issue and what was posted before is important (obviously, because they've been combined). My thought is why wouldn't you provide all beneficiaries with all information just to avoid an argument down the road? |
||||
Not your question?
Ask your question
View similar questions
| Question Tools | Search this Question |
Add your answer here.
Check out some similar questions!
Opening of account in other state
[ 1 Answers ]
Sir I have an saving bank account in Ahmedabad, where I am residing. Now I need to open bank saving account in the same branch's another city i.e. Chennai, in my wife name. Is that possible?
Opening an estate account
[ 1 Answers ]
We are expecting 2 checks from the State of New Jersey for our deceased father. How do we cash these checks (about $2000) without opening an estate account? We were told by someone it may open up a can of worms if we open an estate account. Is that true? All funeral expenses were paid off. We...
Opening an estate account
[ 1 Answers ]
My father-in-law passed away on 5/31/09. We are expecting a 'senior freeze' and an homestead rebate checks from the state of New Jersey. How do we set up an estate account so these checks can be deposited and the funds used for expenses on his behalf?
View more questions Search
|
