QUESTION
Can a living trust that is continuing after the trustor is deceased receive assets?
Asked on Nov 28th, 2012 on Estate Planning - California
More details to this question:
My life partner has a living trust and I will be a trustee if I survive her. Can her trust receive assets, cash, real estate etc. even after her death?
5 ANSWERS
Taxation Law Attorney serving Glendale, CA
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Irsfeld, Irsfeld & Younger LLP
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Yes, a trustee can accept assets into a trust at any time
Answered on Nov 29th, 2012 at 2:57 PM
Shadi Ala'i AlaiShaffer
Yes generally speaking a Trust can however you always want to seek specific legal advice from an attorney who can review the Trust and give you guidance based on your circumstances.
Answered on Nov 29th, 2012 at 2:57 PM
Elder Law Attorney serving Hollister, CA
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Charles R. Perry
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Nothing in the law prohibits the trust from receiving gifts, though the gifts must be treated as the other trust assets and distributed to the beneficiaries as the trust requires. There also may be provisions in the trust regarding the ability of a successor trustee to receive assets after the death of the settler. You may want to briefly consult with a trust lawyer at a convenient time to discuss this question, and the advisability of the trust receiving a gift.
Answered on Nov 29th, 2012 at 2:55 PM
Trusts Attorney serving Sacramento, CA
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Law Office of Victor Waid
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Yes, so long as the assets designate the trust as a beneficiary or the pour over will so designates, that assets not designated for the trust, are so directed to placed in the trust, by the pour over will provisions.
Answered on Nov 28th, 2012 at 5:09 PM
It depends on the wording of the Trust. You should consult an estate planning attorney and determine if the trust provides for this or may need to be amended.
Answered on Nov 28th, 2012 at 5:09 PM