Wednesday, December 07, 2011
Even with a trust, sometimes an executor appointment from a Probate court can be needed for special circumstances
More on trusts. Sometimes, to satisfy the processing requirements of some financial institutions (especially life insurance companies paying benefits where the beneficiary situation is murky), an executor needs to be appointed as such by a Probate Court in his city or county and state even though named as such in a trust. Generally this should require the usual documentation (death certificate, originals of will and trust and signatures, identification), and payment of a processing fee and usually some taxes, typically low percentages. But a sticky question could arise if the percentages applied to the entire estate, instead of only the portion that an institution questioned and demanded appointment for.
So trusts may not do absolutely everything.
Picture: the Far Left would like to outlaw all inherited wealth.