Legal Question in Wills and Trusts in New York
Testamentary Trust: Is it the Trustee's Job or the Probate Attorney's Job to Set
My father recently died and left the residuary of his estate to my two teenge daughters, in trust, until my daughters reach 30 years of age. My father appointed me as the trustee.
I am not the executor of the estate and the executor has hired a probate attorney to go through the legal process.
Question: Is it the probate attorney who will set up the trust and then transfer it to me, or will I receive the money for the trust and then have to set up the trust myself? My father's will states that ''I bequeath the residuary of my estate to the Trustee, IN TRUST, to be used to set up two separate accounts for my two granddaughters....''
Thank you.
2 Answers from Attorneys
Re: Testamentary Trust: Is it the Trustee's Job or the Probate Attorney's Job to
The probate attorney should arrange to appoint you as Trustee at the time the Will is probated and in due course he will arrange for the transfer the residuary estate to you.
It is appropriate for you and the probate attorney to work closely so that you are fully informed and coordinate in the investment of liquid funds.
Re: Testamentary Trust: Is it the Trustee's Job or the Probate Attorney's Job to
You should be qualified as the testimentary trustee by the attorney handling the probate, or you could do this yourself, as the forms for qualification are not that complicated and most probate clerks can assist you. Once the estate has been completed through the preliminary probate process (marshalling assets, accounting to the beneficiaries, filing any needed estate, inheritance and income tax returns) and the estate is ready for distribution, some type of account would be opened in your name as testimentary trustee under the Will. This could be simply a bank account or a brokerage account, unless the Will has specific directions. The trust needs its own tax identification number for income and tax reporting purposes. Then, depending upon the language of the Will, you become responsible for asset investment and handling the funds. I would need to see a copy of the Will to give you more suggestions on what is needed and how it should be handled and operated, but for the most part it is a simple procedure.
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