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I understand that Revocable Trust will be a part of Estate if a trustee dies. What if the Revocable Trust has 2nd trustee ? If the 1st trustee dies, then the Revocable Trust will be a part of Estate or not ? Please advise. Thanks.
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If the trustee of the trust is also the grantor, a revocable trust usually indicates that upon the death of the grantor/trustee, the assets held in the trust are distributed. The grantor/trustee could direct that the assets are distributed to the estate, or to beneficiaries, or can remain in trust with the second trust taking over. What happens is all dependent on the terms of the trust.
Answered on Mar 19th, 2014 at 11:12 AM
Diana L. Anderson, Certified Elder Law Attorney This response is not legal advice and does not establish any form of attorney/client relationship