Revocable living trust question
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Revocable living trust question The examples that we can find for partnership agreements all seem to presume that the partner/grantor of a Revocable Living Trust is also the SOLE current trustee. Does anyone have language for when the spouse or someone else is a co-trustee? Some agreements call for the death of the partner/sole trustee to be treated the same as the death of any other partner (in our case full withdrawal--stock & cash). This may not be the wish of a co-trustee. Our club is of an age where deaths of partners seem to happen rather frequently. So far, none of these has involved a Revocable Living Trust. (We have two partners with Revocable Living Trusts. One has his spouse as a co-trustee.) Don't you just figure out how much the partner would get if they resigned, then deduct the fee and make out a check to: The Estate of ------- ------- So far I have discovered when a partner passes, their share does NOT go to a person but the dollar value is in check form to the Estate and then the partnership is in the clear and no need to make each one specific to the person. But I have been known to not have all the facts from time to time. This just always seemed to be the simplest way to do it. Myrelle -----Original Message----- From: club_cafe@bivio.com [mailto:club_cafe@bivio.com] On Behalf Of DELANO D FINCH Sent: Monday, June 01, 2009 2:45 PM To: club_cafe@bivio.com Cc: delfinch@gmail.com Subject: club_cafe: Revocable living trust question The examples that we can find for partnership agreements all seem to presume that the partner/grantor of a Revocable Living Trust is also the SOLE current trustee. Does anyone have language for when the spouse or someone else is a co-trustee? Some agreements call for the death of the partner/sole trustee to be treated the same as the death of any other partner (in our case full withdrawal--stock & cash). This may not be the wish of a co-trustee. Our club is of an age where deaths of partners seem to happen rather frequently. So far, none of these has involved a Revocable Living Trust. (We have two partners with Revocable Living Trusts. One has his spouse as a co-trustee.) No virus found in this incoming message. Checked by AVG - www.avg.com Version: 8.5.339 / Virus Database: 270.12.48/2148 - Release Date: 06/01/09 06:09:00 |
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