Settling a Living Trust

mahnrutDecember 30, 2003

Has anyone been in the position of settling a Living Trust (Irrevocable Family Trust or Grantor Trust are other names)? It is touted as an easy thing to do oneself without lawyers but I have not been able to find any books or other information which describes the mechanics of this. Thanks for any information.

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maxwell

It's not an easy thing to do and you should contact a lawyer who specializes in trusts, IMHO.

    Bookmark   January 8, 2004 at 11:04AM
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mahnrut

Thanks Maxwell for replying. Do you have any particular experience with settling such a Trust? I would love to hear from someone with first hand knowledge. Having read Henry Abts book on this it looks to me that the trustees like and executor to a will have to do a lot of the work such as listing and valuing the assets and the only tricky thing I can see is apportioning the estate into subtrusts if you have an AB trust. That I can perhaps see would benefit from expert advice.

    Bookmark   January 8, 2004 at 12:12PM
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maxwell

Is there an existing trust that needs to be settled and how complex is it? If it's anything but very simple, I'd get legal advice. It would be very easy to get over your head very fast.

My mother had a simple irrevocable living trust drawn up by an attorney (not me). I was the trustee for a while after her death. I eventually settled it, but it was difficult, even though I'm a lawyer.

It's been some years, so I can't answer any questions about details because I simply don't remember.

    Bookmark   January 8, 2004 at 2:25PM
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mahnrut

Thanks for replying Maxwell. We are just looking ahead and trying to leave successor trustees some notes so they don't panic and feel that they have to rush to a lawyer straight off.

    Bookmark   January 8, 2004 at 6:43PM
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