Yeah, seems a little unfortunate in some cases. For our SIL with no children, she would get nothing. And BIL almost passed before MIL last year.Yes, almost universal for the reasons I’ve stated above.
Gill
Yeah, seems a little unfortunate in some cases. For our SIL with no children, she would get nothing. And BIL almost passed before MIL last year.Yes, almost universal for the reasons I’ve stated above.
Gill
Any trust will have trustee to execute the trust. But they also need a secondary trustee of you are unable to process the duties of even worse die before Mom.
And there need to be beneficiaries, and secondary beneficiaries If something happens to one of more of the primary beneficiaries.
My aunt died and split her estate 4 ways--disabled son and 3 nieces/nephews. Her son died before she did and the estate was finally split 3 ways. And he had a wife or children, the will wouldn't have probated smoothly.
I'm executor of my parents trust, and you should definitely ask your Mom to read it. I was pretty surprised when I read my parents. My wife gets nothing. My share would go to daughter. My sister passed away, so her share was going to BIL - yeah inconsistent. Three shares are going to the three grandchildren. In addition, it is super complicated, and has provisions for reporting, etc. As executor, it would be good to understand and be able to explain FAQ.
Yes, we both have children, that's why it's inconsistentDoes your sister have any kids? If not, then mother is giving her share to someone she thinks sister would want to receive it... with you, you have a daughter and someone that is normally in line on wills...
Yes, we both have children, that's why it's inconsistent
This is important; get it cleared up soon.
My mother's will specified that estate was to be divided among her living children. Of course it was assumed that would mean all of them, and no more thought was given. Unfortunately my sister died not too long before my Mom, the will was never rewritten (because it never occurred to my mother to do so, I'm sure she never thought about the wording) and as a result my sister's family was cut completely out of the will (her surviving husband and minor children) . This was surely not my mother's intent.
(Of course, my siblings and I did the right thing and divided the estate up equally, including my deceased sister's family. But it's always better to have the actual intent written into the will.)
This is important; get it cleared up soon.
My mother's will specified that estate was to be divided among her living children. Of course it was assumed that would mean all of them, and no more thought was given. Unfortunately my sister died not too long before my Mom, the will was never rewritten (because it never occurred to my mother to do so, I'm sure she never thought about the wording) and as a result my sister's family was cut completely out of the will (her surviving husband and minor children) . This was surely not my mother's intent.
(Of course, my siblings and I did the right thing and divided the estate up equally, including my deceased sister's family. But it's always better to have the actual intent written into the will.)
In similar role. I found it to be worth the money to have attorney review and answer my questions. As executor the responsibility is to implement Trust as written. It helps to understand it.
Actually, as trustee it is your responsibility to administer the trust, not as executor.
Gill
Also, doing the "right" thing, violates the rules of the Trust. The trustee is suppose to follow the rules of the trust.
How do you know it was your mother's intent to leave money to deceased daughter's family?
Not really. The trust, or will, specifies what is to be done with the estate at the time of death. It doesn't say anything about what the inheritors can or can't do after this, once the estate belongs to them. So at the time of passing, the estate was divided up equally among the 6 living children. The rules were followed. Afterwards, we got together, and each chipped in an equal amount to make up a 7th share, which was given to the minor children of the previously deceased sibling.
Because she's my Mom . Had the family been grown, you may be right. But there were 4 minor children - her grandchildren - that I'm sure she would have wanted to be included. We actually put the money into a trust to be used for their education, so that their father (my Mom's son-in-law) didn't get anything.
In my experience drafting and administering wills and trusts, it is quite unusual for a parent to provide for the spouse of the child as a contingent beneficiary if predeceased by the child. Usually the grandchildren are contingent beneficiaries. Generally they wish to follow bloodlines and not risk having their property pass outside the family.
Gill
Not really. The trust, or will, specifies what is to be done with the estate at the time of death. It doesn't say anything about what the inheritors can or can't do after this, once the estate belongs to them. So at the time of passing, the estate was divided up equally among the 6 living children. The rules were followed. Afterwards, we got together, and each chipped in an equal amount to make up a 7th share, which was given to the minor children of the previously deceased sibling.
Because she's my Mom . Had the family been grown, you may be right. But there were 4 minor children - her grandchildren - that I'm sure she would have wanted to be included. We actually put the money into a trust to be used for their education, so that their father (my Mom's son-in-law) didn't get anything.