Legal Question in Wills and Trusts in Florida
Can you please explain to me, in simple, layperson language, exactly what this Article in my Trust means and how it should have been handled:
"Article 7.1.C. Upon the death of the Grantor, the remaining assets comprising this Trust shall be divided into three separate subshares, one for each child of the Grantor to wit: XXX, XXX and XXX and each subshare shall be administered and distributed as follows:
i) The Trustee shall distribute the income from each respective subshare to the respective child for whom said subshare was established no less often than quarter annually."
My Mom passed away Jan 25, 2009 and, as far as I know, this has not been done as of yet. The trustee (and executor of my mom's estate) hired the lawyer who drew up my Mom's Will and Trust to represent him but I can't seem to get any real answers to my questions from either of them.
Although I live in NY, my family lived in FL and this is where my Mom died. So this is all taking place in FL and I have been dealing with it via phone and email in addition to a couple of trips to FL.
Thanking you in advance for your time and consideration concerning this�
Perplexed in NY
2 Answers from Attorneys
Whatever assets (money, property, etc.) is in the Trust will be divided into three parts, one part, or share, for each of your mom's three children named in the Trust, and any income, or money that comes into the Trust, will be divided into three parts and given to each of the three children named in the Trust. If there wasn't any income, then there is nothing to distribute.
Hope this helps!
The estate will be divided into three shares - one for each child. Each child will get their income share every quarter. Contact an attorney in Florida if you need further advice or assistance with this. Regards,
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