Legal Question in Wills and Trusts in Colorado
When I'm I responsible as the executor of my fathers family trust?
My father recently remarried and has changed his will to a family trust and made me executor of the family trust. What I was told is that everything that was/is his goes to his children, everything that is hers goes to her children. This is what I was told, but what I read was that if he dies everything goes to her and upon her death the estate is split between his children. I am I right in thinking she could give everything to her children upon his death? Could I be held responsible by my siblings for her disposal of my fathers estate?
2 Answers from Attorneys
Re: When I'm I responsible as the executor of my fathers family trust?
As a trustee, a great deal regarding your duties and responsibilities will be defined by the trust agreement itself, as well as the laws governing fiduciaries in Colorado. To answer your questions, it would be necessary to review the actual trust agreement and to have background information on the rest of your father's estate plan. However, your question indicates that there may be some fundamental misunderstandings and miscommunications regarding what is expected of you as a trustee (as contrasted to what is expected of you as a son or brother). I do recommend you take the time to meet with an experience estate planning attorney who can review the relevant documents and give you some concrete information and guidance you can follow. You may even want to give second thought to whether you even want to serve as trustee under the circumstances.
Re: When I'm I responsible as the executor of my fathers family trust?
If you are the trustee, you should immediately consult with an attorney experienced with trusts and estates. This advice will assist you in assessing your reponsibilities as trustee as well as your rights as a possible beneficiary. You should rely on the advice of your attorney not on rumors or what you may hear from lay people.
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