Legal Question in Wills and Trusts in Georgia
A Credit Shelter Trust was established by the Living Will & Testament of my mother. It was dated back in 1982. The beneficiary, and the trustee, are the same person. Is that common? And the information I have says the Trust is funded by lots of land. I do not believe my family even owned that land in 1982. I would guess that what funded the Trust had to be noted when it was first created. Can it be changed 10 years later to be funded by something else?
Thanks!
2 Answers from Attorneys
I am not sure how you think anyone can answer without reviewing the documents, and many other facts you left out. The appropriate person can have a qualified lawyer review.
In answer o the first question, it depends. I have seen trusts where one of the beneficiaries was also the trustee. However, if there is a credit shelter trust set up, we are talking about an estate worth big bucks. Usually, a bank or attorney or someone else would be trustee, but it may be that the beneficiary is an attorney or an accountant or someone good with finances. I would have to review to see what has been done.
The same is true for the second question. If the trust was created by a will, then it only comes into being at death, unlike a revocable living trust. You mention it was funded by land. Is there no schedule of assets? A description in the will of property that will go to the trust? Could it be that the testator/settlor contemplated the purchase of property in the near future?
You should contact an experienced trust attorney who specializes in estate plannig and who deals with large estates to review this document.
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