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Im 25 and Ive pretty much watched out for my grandfather for the last 3 years. All of my aunts and uncles live miles away and really dont have alot to do with him.

Recently he changed his will. He wrote out his kids and made me the benificiary and the one who is in charge of his health decisions if he were to be unable to do it himself. His kids set up a trust 6 years ago. My grandfather gave me all the paper work on that stuff and told me to read it. When i read his trust papers it has a copy of his old will in there.

My question is does he need to take his new will to the lawyer that wrote the trust and have the trust changed? Really he has no need for a trust anymore other than I heard it will keep things out of a probate court. He lost alot of money in the stock market a few years ago and he just doesnt have the assets he once had.

Just thoght id ask now just so there isnt a bunch of confusion in the event he passes.
 

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I'm no lawyer but I would say "yes"....... get everything in writing and up to date to avoid confrontation later..... and do it soon so they can't say you took advantage of him when he wasn't able to make his own decisions
 

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No lawyer but if his assets are in a trust then he has no assets. That is, the assets belong to the trust and he controls the trust as long as he's alive. The trust may be beyond your control depending how it's written.
Also sounds like he gave you Power of Attorney for medical but depending how the trust is formed, you may not be able to do anything with it.
Have him see his attorney.
 

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Not sure if it changes state to state, but normally a trust supersides the will. "Assets" include all his real estate etc, not just cash. The key is who is the exectutor of the trust? That is the question you need to address. Since having been recently through this, make sure it gets done before he is incapacitated or it will cause you a bunch of grief.....
 

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All I can say is to have a lawyer get ALL the wishes written, signed and filed.
It's a sad fact how badly many people act and react soon after the death of a family member.
I've seen family members arrive with moving vans proclaiming "first come, first serve." I've seen yard sales with possesions (and the money) disappear. I've seen a 56 Chevy convertable "disappear".

It can get ugly, and it can get ugly fast. The will, and the wishes need to be documented ahead of time. It's one of the best things anyone can do for their family & loved ones.
 

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Absolutely yes get to the attorney that prepared the trust and get it changed while uncle is relatively competent. I have been through a nasty death settlement process (wifes grandmother), when the body hits the ground greed sets in. My wife was the only one in the immediate family that had not borrowed money from or tried to take advantage of her. She took the time to send her books on tape, called on a regular basis, etc. When the will was read she was given 35% of the estate. Other cousins felt they "deserved it" more. Luckily she got her share of most of it from bonds that named her as beneficiary but the trustee has not made the required payments to us on oil well revenues for years. We hired a lawyer and went to court but because everyone involved was related the judge tossed it out and said as family we should resolve it out of court. I'm trustee of my Dad's trust and have talked with my siblings about what will happen while he is still alive and when he dies. All are in agreement except for the black sheep who is already trying to figure out how much he will "make". He has big plans for some of the land but hasn't figured out yet that he will need to buy out the other siblings at fair market value. I'll wait until the time is right to burst his bubble....
 

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No lawyer but if his assets are in a trust then he has no assets. That is, the assets belong to the trust and he controls the trust as long as he's alive. The trust may be beyond your control depending how it's written.
Also sounds like he gave you Power of Attorney for medical but depending how the trust is formed, you may not be able to do anything with it.
Have him see his attorney.
John_Muha is pretty much right on. It is my understanding that if there is a trust there really is no will, what is to be done is laid out in the trust. The nice thing about a trust if done correctly is that no one can change or contest it. Short story is worry more about the trust being set up correctly then the will.
 

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after having a death in the family an watching ... what EVIL backstabbing SOB's that even our beloved family member can & do become !!!!

get every thing on paper so there is no question where your grandfather wanted everything to go ..... or not too !!!
this way the family at least ends up with most of it .... otherwise the lawyers do !!
 

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John_Muha is basically correct. Once an asset is put in a trust, you no longer own it. The trust owns. It is specified who controls the trust and how the trust will be dispersed or dissovled upon death. There are two types of trusts, revokable and irrevokable. An irrevokable trust cannot be changed once set up. A revokable can. A trust is much like a corporation and must file a tax return every year.
A will is still required, as usually a person will not have everyy single asset put in the trust. Most large assets are usually put in a trust ( House, Land, etc)

There also things like Stocks, Bonds, Mutual Funds, Life Insurance maybe Certificates of Deposit, that if they are not in the Trust and have beneficiaries named and are payable upon death, then these types of assets also do not go through probate or the Will. If these assets are not in the Trust and do not have named beneficiaries and are not payable upon death then they go through probate and the Will.

So you have the Assets owned by the Trust, Assets with named beneficiaries payable upon death and the Will. The Will will handle what is not covered by the Trust or named Beneficiaries payable upon death.

We went through this recently with my wifes parents.

Ryan
 

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unless he revokes trust you will need to be named as successor trustee with a codicile to trust. when there a trust assets will be placed in trust name and controlled by the trustee. will usually is used to take care of assets not in trust, cars furniture etc. i would go to an attorney as soon as possible. not an attorney but as finacial avisor i see this daily
 

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I just looked over my mom's trust and last will and tesetament (she gave my brother and I copies of the trust, will, power of attorney, power of attorney for health care decisions, as well as other documents). Her trust is revokable and my mom has the right to amend it at any time. She amended it once (she remarried and needed to change her name in the trust and will), and had it notorized. A lawyer was not needed in this case.

It would be best for you and your grandfather to consult with a lawyer. There's a few sections to the Trust that would need to be changed. As stated above, you need to be added to the trust as a Successor Trustee (the others need to be removed, if that's your grandfathers decision), and under "Distributions Following Trustor's Death" (the other's need to be removed). You also should see if you're just named in the will or if you also are now the Executor of the will upon your grandfather's death.

I'm lucky. My mom got all this stuff squared away over 10 years ago. I have only one brother and we are the only two named in the trust and will, etc. Plus, we have no issues over who gets what when mom passes away. I'm glad I don't have to deal with greedy siblings. That's got to be a real pain in the neck.
 
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