To ensure that their assets are distributed evenly after they die, many people set up trusts in their estate plans. A trust gives a person individual control of financial assets and entrusts them with distributing these assets to the beneficiaries. If you have a loved one who recently passed away, you might be interested in seeing a copy of their trusts.
Who receives a copy of a trust after the individual’s death?
Heirs and beneficiaries are entitled to a copy of the trust; they’re the ones receiving the assets, after all. However, other heirs and prior beneficiaries are also entitled to a copy of the trust. This includes heirs who weren’t mentioned in the trust as well as beneficiaries who were mentioned in a previous version of the trust. These people might choose to contest the trust in court.
The successor to the trust also receives a copy of the trust. Since they’re responsible for distributing the assets, it’s important that they see exactly what the individual intended. Additionally, the trust’s accountant must receive a copy so that they can figure out how to pay off debts and make other financial decisions. If the estate is subject to estate taxes, the trust must also be included in a tax return. Finally, any personal representatives named in the individual’s will are entitled to a copy of the trust.
Should you hire an attorney over a trust dispute?
An attorney may offer important legal guidance during a trust dispute. They might answer your questions, help you seek the information that you’re looking for and even take the dispute to court if necessary. An attorney may also be able to help you deal with fiduciary issues if you suspect that the trustee isn’t acting in the estate’s best interests.