I am the trustee to a living trust, there are no heirs, beneficiaries (other than the trust), no property involved and the total wealth of the trust is less that $50,000 and maybe has outstanding debts of under $10K. Am I able to get started on moving this trust to my ownership with the submission of a form or two to the courts? Do I need a lawyer to do that? thanks!
Answer
There should be no reason to have any court involvement. But, a Trust must have a Trustee and also must have a Beneficiary. You state that there are no heirs, beneficiaries (other than the trust)??? That does not make any sense. It seems that you might be the Beneficiary.
Given your lack of understanding and knowledge, I would suggest you retain an attorney to assist you with the administration of the Trust as well as the distributions. It should not take that much attorney time to assist you.. but, in this way, you might avoid spending money on mistakes that could be costly (much more expensive than doing things right).
Answer
I agree with Mr. Rimer. If you are not the beneficiary of the trust, you are not entitled to any of the money, except possibly a trustee fee. The creditors need also to be dealt with prior to any distribution of monies.
Answer
I agree with both attorneys statements setforth above re the resolution of your problem. Obtain the services of a probate/trust lawyer to assist you.
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