Legal Question in Wills and Trusts in Florida
My aunt passed away in Florida leaving a Revocable Trust of financial assets (stocks, bonds, etc.) to be distributed equally among her nieces and nephews. I understand that it is now called an Irrevocable Trust. One niece, "Susan Smith" is the only trustee now since the aunt's financial advisor has resigned. 90% of my aunt's assets were in the trust's financial portfolio. Her will left tangible household goods to that one niece and 10% of her financial assets (bonds, etc.) with instructions that those assets be used to pay taxes, fees, etc with the remainder to be poured over to my aunt's "Jane Doe" Revocable Trust.
My aunt's brother (Susan's father and executor of the will) has just informed me my aunt's attorney (who drew up the will and trust instruments) told my cousin that it is "necessary" that the assets in my aunt's "Jane Doe" Irrevocable Trust be changed over to my cousin "Susan Smith's" Revocable Trust. But he doesn't know why. My cousin (and the financial advisor) met with the attorney and had previously instructed us not to contact the attorney, but to submit all questions to her.
Is this normal in Florida to change the assets from the deceased person's trust to a living heir's trust prior to distribution among all the beneficiaries? We are concerned that we may not receive our equal portions if they are moved into a new trust instrument. Will my cousin still be mandated to distribute the assets exactly as directed in our aunt's trust that was in affect at the time of her death? Can our cousin Susan Smith and the attorney do this without our permission? Why would they need to do this?
Can Susan Smith change the distribution to give herself a larger share and/or to include the widow of one of our cousins who died a long time ago? Previously our uncle demanded that we each commit to gifting a percentage of our inheritance to his son's widow after we receive our portions of the assets. We wonder if perhaps some of the heirs declined and this might be a method to insure that the widow of a family member receives a share of the trust equal to each heirs portion.
My cousin previously wrote to tell us that the attorney has informed her that we will receive three distributions over the course of a year. The first check will not be sent out for 3 1/2 to 4 1/2 months. Is it normal to have to wait so long to begin receiving assets from the trust? Is it normal to take up to a year to distribute the trust assets in Florida? Although we have been fortunate so far, we worry that the stock market could plummet during such a long time period.
All the heirs live out of state. Do we need to consult with a Florida estate attorney or can we trust that our aunt's assets will be distributed according to her wishes. Thank you for your answers!
2 Answers from Attorneys
Anything could be possible, and your questions are too complex to answer this way.
I would recommend you consult with a Florida Estate/Probate Attorney to go over all items. They would need to see all the documentation you have to this point.
If I can be of help, please let me know. 954-752-1732
Without actually reviewing the trust instument (and will) it is impossible to determine how the estate should be administered. It is curious (and not normal) that the trust assets of the decedent are flowing through the trust of an hier/beneficiary before distrubution to other beneficiaries. However, the documents may dictate such a result.
The testamentary dispositions set forth in the will and trust determine to whom and in what proportions the estate should be distributed. If after receiving a distribution a person whishes to gift a portion to a person omitted from the will/trust they can, but are not required to.
We can't know if the timing is unreasonable because of the terms of the trust, complexity of the financial instruments, need for funds for creditors and administration, or need for funds for taxes, etc...
This is too complex to get simple guidance on such a forum. You should consult a Florida Estate/Probate Attorney.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
