What is the name of your state?What is the name of your state? TX
I am the Trustee/Indep. Executrix/Durable POA and beneficiary for my Aunt's estate. I have full Trustee powers as defined by the State. The will is a "pourover" for the Trust.
FACTS: All bank accounts are joint-accounts with Survivorship
Life insurance policies have beneficiaries
House, contents and car are listed under the Trust
Aunt is in a nursing home very ill.
All bills/debts/etc. are to be paid from the "Estate".
QUESTIONS:
1. Are the joint bank accounts and policies part of the "Trust"?
2. If not, do I need to have the will probated since everything else is listed under the "Trust"?
3. I have paid for the nursing home and medical expenses out of one of the joint-accounts and not the estate (not liquidated). Do I need to reimburse the account from any sale of the estate?
4. Are the joint accounts part of the "principal and undistributed income of the trust"?
Also, a number of contents have been stolen (possibly by neighbors who have a key). I have filed a police report and insurance claim so that there would be an accounting for the items. However, that has seemed to cause even more trouble. The contents were to be split between two of the nieces.
4. One niece did not want any of the contents until she found out the cost for a few of them. Do I abide by her original decision to forgo the contents?
5. If not, how do I handle the insurance proceeds? By item or as a whole? Some of the items were promised to the other niece (verbally) and were surprisingly costly.
6. Now, other family members are coming forward stating that certain contents were promised to them - I have no knowledge of this. If they have no value to the two nieces, is it ok to give the items to others?
7. How do I keep my duties from being "tinted" by the failure of any of the other beneficiaries to help me during this time? Most have not seen her in over 10 years and seem to only be intersted in the money. It's hard to see such uncaring people inherit anything from this wonderful lady.
And on a personal note, I have had to take a leave of absence from work due to my Aunt's health issues, care, home repairs, insurance problems, etc. as she lives in another city. As Independent Executrix/Trustee - can I recoup any of my lost wages as it is causing a burden on my own family? (Yes, her Trust provides for "reasonable" expenses incurred.) What is considered reasonable?
I am the Trustee/Indep. Executrix/Durable POA and beneficiary for my Aunt's estate. I have full Trustee powers as defined by the State. The will is a "pourover" for the Trust.
FACTS: All bank accounts are joint-accounts with Survivorship
Life insurance policies have beneficiaries
House, contents and car are listed under the Trust
Aunt is in a nursing home very ill.
All bills/debts/etc. are to be paid from the "Estate".
QUESTIONS:
1. Are the joint bank accounts and policies part of the "Trust"?
2. If not, do I need to have the will probated since everything else is listed under the "Trust"?
3. I have paid for the nursing home and medical expenses out of one of the joint-accounts and not the estate (not liquidated). Do I need to reimburse the account from any sale of the estate?
4. Are the joint accounts part of the "principal and undistributed income of the trust"?
Also, a number of contents have been stolen (possibly by neighbors who have a key). I have filed a police report and insurance claim so that there would be an accounting for the items. However, that has seemed to cause even more trouble. The contents were to be split between two of the nieces.
4. One niece did not want any of the contents until she found out the cost for a few of them. Do I abide by her original decision to forgo the contents?
5. If not, how do I handle the insurance proceeds? By item or as a whole? Some of the items were promised to the other niece (verbally) and were surprisingly costly.
6. Now, other family members are coming forward stating that certain contents were promised to them - I have no knowledge of this. If they have no value to the two nieces, is it ok to give the items to others?
7. How do I keep my duties from being "tinted" by the failure of any of the other beneficiaries to help me during this time? Most have not seen her in over 10 years and seem to only be intersted in the money. It's hard to see such uncaring people inherit anything from this wonderful lady.
And on a personal note, I have had to take a leave of absence from work due to my Aunt's health issues, care, home repairs, insurance problems, etc. as she lives in another city. As Independent Executrix/Trustee - can I recoup any of my lost wages as it is causing a burden on my own family? (Yes, her Trust provides for "reasonable" expenses incurred.) What is considered reasonable?