QUESTION
What happens if a party named in a trust passes away?
Asked on Jan 29th, 2015 on Estate Planning - Michigan
More details to this question:
If a party named in a trust passes away and after their death additional property or monies comes into the trust, does that property or money have to be shared with the deceased's siblings if that party is deceased prior to the additional items coming into the trust?
3 ANSWERS
Business Law Attorney serving Bingham Farms, MI
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James T. Weiner, P.C.
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Generally..for estate planning trusts Once the maker of a trust (e.g. the person setting up the trust) passes the beneficiary of a trust is "owns all of the assets from the trust coming to him or her (whether or not they are currently in the trust). Thereafter if the beneficiary of a trust passes, then the beneficiary's heirs (by will or intestate) get all of his or her assets. (that is in the absence of specific language in the trust itself)
Answered on Feb 02nd, 2015 at 1:47 PM
Consumer Law Attorney serving Royal Oak, MI
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Gorman Law Group, PC
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There are so many variables that apply to your question, such as if there is a will, trust terms, relationship to deceased, it is impossible to respond in short. You should hire an attorney to review and advise on the matter.
Answered on Feb 02nd, 2015 at 1:17 PM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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It depends on the term of the trust. See an attorney with all of the details.
Answered on Feb 02nd, 2015 at 1:15 PM