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Removing co-trustee

Discussion in 'Estate Administration & Probate Court' started by Hoosier-Daddy, Mar 24, 2021.

  1. Hoosier-Daddy

    Hoosier-Daddy Law Topic Starter New Member

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    Hi, my father recently passed away and I am named executor and trustee for his revocable living trust. The trust is decades old and has numerous issues including many deceased beneficiaries, etc.

    The trust actually names me and a bank as co-trustees and specifies the bank can charge the estate their current fee structure which includes approx. 3% of the value of the estate PLUS actual costs to liquidate anything but bank and brokerage accounts. But there are millions of dollars of real estate, classic car collection, etc in the estate and the beneficiaries obviously don't want (and I'm sure my father did not envision) the bank getting 3% of those on top of the costs for liquidating them. Naturally I'm going to engage an attorney but am interested in what experiences others have had. I realize this may be far too little info for any kind of response and apologize if that's the case.
     
  2. Hoosier-Daddy

    Hoosier-Daddy Law Topic Starter New Member

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    My father recently passed away and I am named executor and trustee for his trust. At the one month mark I am still waiting for the death certificates I need for the institutions to grant me "access" to his over 20 bank and brokerage accounts. He left a paper list of passwords for all or most of the accounts and I would like to compile a spreadsheet of the balances while waiting for the death certificates.

    Would it be legal or at least little or no risk for me to log onto the accounts just to see the current balances?
     
  3. army judge

    army judge Super Moderator

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    Bully for you, mate, you KNOW what you must do as revealed below:

    \/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/\/






    You need the counsel and guidance of an estate attorney and/or trust attorney as well as a CPA or a tax attorney.

    I suggest you initiate a search for those professionals today, because as you recognized, MILLIONS of US DOLLARS are in play!!!!
     
    justblue likes this.
  4. zddoodah

    zddoodah Well-Known Member

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    So...just to clarify: You are the trustee under the trust (which is no longer revocable) and you have applied to the court to probate the estate and the court has appointed you to be executor. Correct? Also note that estates have executors, not trustees, and trusts have trustees, not executors.

    This makes no sense. You wrote that the trust "specifies the bank can charge the estate [its] current fee structure." How then can you credibly claim that your father "did not envision" the bank charging fees that the trust expressly allows for?

    Not really sure what you're asking here.

    Probably, but I have a very difficult time believing that, with an estate work "millions of dollars," you would take even a step without advice from legal counsel.
     
  5. adjusterjack

    adjusterjack Super Moderator

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    If those accounts were in the name of the trust, for which you are a trustee then, yes, you may log in to see the balances.

    Any accounts in your Dad's name as an individual would "technically" have to wait until you get your probate court papers acknowledging you as representing the estate.
     
    army judge likes this.

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