Legal Question in Wills and Trusts in Illinois
assets in trust how does it effect will
Spouse had all financial assets in trust under her name name and she was listed as only benifiary. She passes away and I am listed as only benifiary in the will. Does the fininacial trust cause me a longer law proceeding to get assets? does the will take effect or does trust still exists after her death?
1 Answer from Attorneys
Re: assets in trust how does it effect will
These are questions that should only be answered by an attorney who can review both documents and offer an opinion based on such review.
A trust usually names a contingent beneficiary (a person who receives the trust's funds if the primary beneficiary has passed away). This is the first thing you will want to find out.
If the assets are in the trust, then the terms of the trusts control the distribution of those assets.
A beneficiary who is named under a will inherits the assets that were in the name of the person on the date of her death (those not in the name of the trust), after expenses of the estate are paid.
Again, please have an attorney review your situation. Only then will you have an accurate answer to your questions.
Good luck to you.
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