QUESTION

Is there a legal reason for a trustee/power of attorney holder to change the trust to his name only?

Asked on May 16th, 2013 on Trusts and Estates - California
More details to this question:
A family member passed away and the trustee all of the sudden changed the trust to his name only. My wife believes the deceased had more money than what the trustee is telling us about.
Report Abuse

1 ANSWER

Taxation Attorney serving Santa Monica, CA at Lyster, Inc.
Update Your Profile
When a person dies, all powers of attorney terminate. A trustee holds property for the benefit of the trust's beneficiaries.  Often a successor trustee wants to clarify that he (or she) is now the trustee because the original trustee is now deceased.  Property formerly held by the deceased person as trustee is now held by the named successor trustee as trustee.  So if that's all that is going on here, that is appropriate.  However, taking trust property outside of the trust for the trustee's own benefit (if the trustee isn't also a beneficiary of the trust) is definitely wrong and illegal. When a revocable trust becomes irrevocable by reason of the death of the person who created the trust, the successor trustee is supposed to send out a notice to the beneficiaries.  If you haven't received one, ask for it.  If you are a beneficiary of the trust you are entitled to see a copy of it.  Ask for that too.  Also ask about the change of names.  Was that done to clarify that the successor trustee was now in charge, or was it a distribution to the successor trustee personally?  If the successor trustee is a beneficiary of the trust, you can ask if that distribution to the successor trustee was for that purpose and if you are to receive a distribution as well (assuming you are a beneficiary of the trust).
Answered on May 17th, 2013 at 4:48 PM

Report Abuse

Ask a Lawyer

Consumers can use this platform to pose legal questions to real lawyers and receive free insights.

Participating legal professionals get the opportunity to speak directly with people who may need their services, as well as enhance their standing in the Lawyers.com community.

0 out of 150 characters