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How can we access trust information after our mother's death?

How can we access trust information after our mother's death?

Full question:

My parents lived in New Mexico, they wrote out a living trust while living there. My younger sister was named trustee, my dad passed away in 2008, my sister took our mother to CA. with her. She hasn't let me or my older sister know anything about the trust. Our mother passed away in Oct. of this yr. and we still don't know anything about what is going on. Is their anyway that we can get info like bank statements, and is their any general time frame for resolving the details of the trust.We don't get along with our sister she has tried to change the trust once and she is trying to get everything into her name. In 2008 the trust was worth a little over 1 million dollars.

Category: Trusts
Date: 04/07/2025
State: New Mexico

Answer:

Given the significant amount involved, it’s crucial to consult a local attorney to address this issue effectively. If your sister is uncooperative, legal action may be necessary to protect your rights. With your mother’s passing, the trust matters are likely in progress, and it’s important to act quickly. A qualified attorney specializing in trusts and estates can represent you or guide you to someone who can help.

This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.

FAQs

Should my parents put their assets in a trust?

Putting assets in a trust can help manage and protect them, especially for estate planning. A trust can avoid probate, maintain privacy, and provide clear instructions for asset distribution after death. It's important for parents to discuss their specific needs and goals with a qualified attorney to determine if a trust is the right choice for them.

How do you invalidate a living trust?

To invalidate a living trust, you typically need to prove that the trust was created under duress, fraud, or lack of capacity. This can involve demonstrating that the grantor did not fully understand what they were signing or that they were pressured into creating the trust. Legal assistance is crucial in this process to ensure proper procedures are followed.

What is the biggest mistake parents make when setting up a trust fund?

One of the biggest mistakes is failing to fund the trust properly. If assets are not transferred into the trust, they may still go through probate, defeating the purpose of setting it up. Parents should ensure that all intended assets are included and regularly review the trust to accommodate any changes in their financial situation.

What is the 5 year rule for trusts?

The 5-year rule generally refers to the look-back period for Medicaid eligibility, where any transfers made within five years of applying for benefits may affect eligibility. For trusts, it can also relate to tax implications and estate planning. It’s advisable to consult an attorney to understand how this rule may impact specific trust arrangements.

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