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  1. #1

    Default Trust Directs Trustee to Set Up Subtrusts

    My question involves estate proceedings in the state of: NY

    Irrevocable family trust stipulates in one of the section to set up sub trusts. Does it matter if you set up sib shares under the present trust or should everyone of the beneficiaries set up separate trusts? My concern going forward is that some of beneficiaries are getting along, but some are not. If setting up sub shares within the original trust I'd be concerned when it comes to tax time. It may be an issue with working out who pays what $ amount for taxes and what portion for a CPA to figure out the taxes.

    Thanks

  2. #2
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    Default Re: Trust Directs Trustee to Set Up Subtrusts

    You will need to pose your question to somebody who has had the opportunity to review the trust. We cannot interpret language we have never seen.

    The trustee is responsible to administer the trust, not the beneficiaries. If one or more of the beneficiaries are trustee/co-trustees, they would be acting in their capacity as trustee.

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