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How does a trust work?

Yakoo752

Yakoo752

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Mateusz
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To not give out to much personal information, I am simply looking to find how a trust works.

I can give more background information if needed

but the basics - 2 married people got trust years ago. 2 people are since divorced. 2 people have remarried - The trust doesn't indicate who gets what correct, the will still does? The trustees delegate everything. I am confused. I have the actual physical copies of the trust but don't see anything about disseminating property.

more information needed?

I am not a "where's my inheritance brat" kid, I just want to ensure certain family members of the new spouse don't get their meth head hands on something undeserved.
 
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If the trust is in the name of both people, chances are that the provisions still stand. Which probably means a 50/50 split. Which is where it gets tricky, such as a house, property, etc, where the parties involved have to agree to what they determine is an equitable split. But estate lawyers can look at something like this for a very reasonably price, and might even it do it for free if they think they might get some work. I've used an estate lawyer without paying an arm and leg.

As far as the will goes, a trust will almost certainly supersede the will. That is if the will says x gets 30% and Y gets 70%, the trust is outside of that.
 
I believe the trust assets should have been addressed in the divorce proceedings, but I think it would depend on the nature of the trust. Have you read it and were there any stipulations regarding what happens in a divorce?
 
afm199 said:
As far as the will goes, a trust will almost certainly supersede the will. That is if the will says x gets 30% and Y gets 70%, the trust is outside of that.
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Yup, the will only affects disposition of the assets that are not included in the trust.
 
the trust I hold is from '03 the divorce occurred in '11 both remarried in '13

I have the only current copy, so I guess I will inquire about what was stipulated at the divorce.
 
Yakoo752 said:
To not give out to much personal information, I am simply looking to find how a trust works.

I can give more background information if needed

but the basics - 2 married people got trust years ago. 2 people are since divorced. 2 people have remarried - The trust doesn't indicate who gets what correct, the will still does? The trustees delegate everything. I am confused. I have the actual physical copies of the trust but don't see anything about disseminating property.

more information needed?

I am not a "where's my inheritance brat" kid, I just want to ensure certain family members of the new spouse don't get their meth head hands on something undeserved.
Click to expand...

Trust attorney, you be needin' one, homie.

But, as a general rule of thumb, the trust dictates who gets what, what goes where, and who is responsible for the disbursement of any assets the trust controls.


EDIT:

It also matters what sort of trust it is...revocable, irrevocable, etc....it really depends on what's written on that piece of paper.
 
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BTW, a trust isn't a static document. It can be changed and often is changed based on life changes, so nothing stops one of the parties from reallocating the disposition of their assets.
 
hyo650 said:
Trust attorney, you be needin' one, homie.
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Both owners of the trust are alive and well. There is nothing I can do about it regardless of lawyers involvement. ;)

I trust both owners and am quite sure they are looking out for the right people, it's why the trust was formed to begin with.

Thanks for all the info!

Any other insights are appreciated!
 
Yakoo752 said:
Both owners of the trust are alive and well. There is nothing I can do about it regardless of lawyers involvement. ;)

I trust both owners and am quite sure they are looking out for the right people, it's why the trust was formed to begin with.

Thanks for all the info!

Any other insights are appreciated!
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Then what's your concern?....or is it just more along the lines of general knowledge about what's involved?
 
general knowledge

I was asked some questions and realized I didn't have answers to them. So I came here to get more general knowledge so when I approach the trust owners, I can be assured I am asking the right questions without coming across as an entitled arse!
 
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You've really asked a VERY generalized question...something akin to, "How does a motorcycle engine work?"

Are we talking about unleaded? Diesel? Electric? Turbo? V-Twin? Inline 4? Boxer? etc....The answers you're gonna get are gonna vary based on what kind of trust it is, what your role is, etc....

In short, as useless as it sounds, your question is just REALLLLY broad....and to answer your question with just as broad of an answer, a trust is basically something that tells someone how to do something (who gets what, in most cases) if something happens to particular people.
 
I suggest a trust/estate lawyer, as mentioned by others. A trust is a legal entity, basically somewhat like a person, and has certain rights and duties. They differ.
 
Since both parties are alive, the trust needs to be dissolved/amended. I'm not a lawyer but I think the trust was never "activated" so at this point it can be dissolved.
 
Yakoo752 said:
but the basics - 2 married people got trust years ago. 2 people are since divorced. 2 people have remarried - The trust doesn't indicate who gets what correct, the will still does? The trustees delegate everything. I am confused. I have the actual physical copies of the trust but don't see anything about disseminating property.
Click to expand...

IANAL, this is not legal advice, etc.

In my experience, when someone sets up a trust, the accompanying will usually says something like "I leave all of my assets to my trust." Trusts are used primarily to prevent assets from having to go through probate before distribution. They also give the family a higher level of privacy, as probate court records are public but trust documents are not.

Trusts can be amended, revoked and/or restated at any time.
 
cynner said:
IANAL, this is not legal advice, etc.

In my experience, when someone sets up a trust, the accompanying will usually says something like "I leave all of my assets to my trust." Trusts are used primarily to prevent assets from having to go through probate before distribution. They also give the family a higher level of privacy, as probate court records are public but trust documents are not.

Trusts can be amended, revoked and/or restated at any time.
Click to expand...

Perhaps trusts are sometimes quite complicated instruments fashioned by lawyers to achieve certain goals. Might make sense to talk to an atty that specializes in such instruments so one may get sound advice when the trustay need to be altered.
 
cynner said:
IANAL, this is not legal advice, etc.

In my experience, when someone sets up a trust, the accompanying will usually says something like "I leave all of my assets to my trust." Trusts are used primarily to prevent assets from having to go through probate before distribution. They also give the family a higher level of privacy, as probate court records are public but trust documents are not.

Trusts can be amended, revoked and/or restated at any time.
Click to expand...

The first part is not accurate. The will does not dictate placement of assets in the trust. The assets have to be placed in the trust beforehand. Basically the only thing that has to go through the will/probate are assets that are outside the trust, which are typically minimal. Only my cars and motor are outside our trust.
 
Archimedes said:
The first part is not accurate. The will does not dictate placement of assets in the trust. The assets have to be placed in the trust beforehand. Basically the only thing that has to go through the will/probate are assets that are outside the trust, which are typically minimal. Only my cars and motor are outside our trust.
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both actually

at any time the 2 trust owners can add or remove items from the trust - tax implication abound for both functions

I'm learning more as I go through this "exercise"

EDIT: it sounds like you are discussing what occurs after death so disregard

I am learning the trust was created for tax implications/purposes
 
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