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  1. #1
    Join Date
    Aug 2017
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    5

    Default Trust Asset Reallocation

    My question involves estate proceedings in the state of: California

    Family trust primary asset is a paid off apartment building father, wife, myself and 2 other tenants live in.
    I am in my 50's and my father remarried a woman 10 years older than I.
    Trust documentation notes father and his wife as trustors(lifetime beneficiaries) and trustees, myself as successor trustee.
    My sister and I listed as per capita primary beneficiaries.

    If my father passed and she remarried, would she be able to pass any of the trust assets to her new husband?

    Would she be able to sell the building with or without consent from my sister and I?

  2. #2
    Join Date
    Oct 2014
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    8,023

    Default Re: Trust Asset Reallocation

    Quote Quoting zsteve
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    My question involves estate proceedings in the state of: California
    If my father passed and she remarried, would she be able to pass any of the trust assets to her new husband?
    That depends on exactly what the trust says she is entitled to get from the trust and what powers she has as trustee. If the trust is a revocable trust she may simply revoke the trust entirely.

    Quote Quoting zsteve
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    Would she be able to sell the building with or without consent from my sister and I?
    That again depends on what the trust says, though I note that it is common to provide the trustee the power to buy and sell assets for the trust.

  3. #3
    Join Date
    Mar 2013
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    18,008

    Default Re: Trust Asset Reallocation

    Quote Quoting zsteve
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    If my father passed and she remarried, would she be able to pass any of the trust assets to her new husband?

    Would she be able to sell the building with or without consent from my sister and I?

    Those are things you should be asking your father while he's still alive.

  4. #4
    Join Date
    Jul 2018
    Posts
    2,431

    Default Re: Trust Asset Reallocation

    Quote Quoting zsteve
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    Trust documentation notes father and his wife as trustors(lifetime beneficiaries) and trustees, myself as successor trustee.
    My sister and I listed as per capita primary beneficiaries.
    That second sentence is confusing. I assume it means that, once both your father and his wife have died and you become trustee, the trust is to be liquidated and the proceeds (after payment of debt) divided between you and your sister and one or more other persons (hence the reference to you and your sister as "primary"). Is that correct?


    Quote Quoting zsteve
    View Post
    If my father passed and she remarried, would she be able to pass any of the trust assets to her new husband?

    Would she be able to sell the building with or without consent from my sister and I?
    No one who hasn't read the trust instrument can answer these questions intelligently. As to the first question, it depends on whether the trust is or, after your father's death becomes, irrevocable and not subject to modification or whether it is divided into subtrusts, etc. (note that becoming irrevocable does not necessarily mean it cannot be modified). As to the second question, the answer is likely yes, but again, it depends on what the trust instrument says.

    Quote Quoting adjusterjack
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    Those are things you should be asking your father while he's still alive.
    Well...sure. However, what the father says may or may not accurately reflect what the trust instrument says. Since the OP apparently has a copy of the trust instrument, the best thing for him/her to do would be to have a local attorney review it and advise him/her.

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