Legal Question in Wills and Trusts in Florida
My mother who passed away 3 years ago set up a q-tip trust in Florida where my father is to receive the dividends of the 3 stocks until his death when then the 2 sons would become the beneficiaries of the assets. My father no longer needs or wants the dividends to continue and would like the 2 sons to inherit the assets prior to his death. In other words, he wants the assets of the trust to go to his 2 sons now and instead of after his death. Can this be done and what does he have to do to amend the trust to reflect the change?
2 Answers from Attorneys
Read the trust to understand the provisions, if any, for revising beneficiaries. If the trust
cannot be changed, your father can arrange to give the dividends to whomever he wishes as
a gift. Such trust usually cannot be modified but the beneficiary can give the proceeds to
others by notifying the issuer of the dividends and agreeing to such transfers.
It is possible for your father to disclaim the trust, and it would be treated like he passed away. Then the assets would go to the next beneficiaries.
The problem is that any disclaimer after 9 months of its creation could be a taxable event. So consult with a CPA first.
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