Do you know how much is in the family trust?

[Anonymous]

My parents have a trust. They have told me and my sibling that the trust is there, and will be divided evenly between sibling and me when both our parents have passed. But parents have not told either me or my sibling how much is in the trust. Is that odd? Is this something we should ask? Or do I mind my own business?

[Anonymous]

0 😂

[Anonymous]

Myob

[Anonymous]

Yea, I pay $600 annually to the trust administrator. I think there is $0 in it. I think I’ve paid $6,000 since 2014 in this annual fee. It’s weird. I should talk to my dad about whether there will actually ever be money in it.

[Anonymous]

My in-laws don’t have a trust, but we know their net worth and that it will be split evenly between their 3 kids.

I will be lucky if my Dad is solvent when he dies - my mom already passed away.

[Anonymous]

PP here. Is that weird that my parents have me pay the annual fee for a trust that’s unclear if it’s funded? I have 3+ kids (only sibling with children) and it’s kind of a pain to write this check every year. I’m like putting my own questionable inheritance on layaway

[Anonymous]

Their home is probably in the trust to avoid it being pulled into end of life care expenses.

[Anonymous]

I know approximate net worth. No trust has ever been set up to my knowledge. I believe everything is still riding on a 35 year old will....there's a lot of denial going on.

[Anonymous]

Anonymous wrote:PP here. Is that weird that my parents have me pay the annual fee for a trust that’s unclear if it’s funded? I have 3+ kids (only sibling with children) and it’s kind of a pain to write this check every year. I’m like putting my own questionable inheritance on layaway

I am the family coordinator for about the ten trusts in my extended family and a layer, though not a trust and estate lawyer, and I have no idea what you are talking about.

[Anonymous]

OP, you just need to assume the amount you will get is zero.

It's possible they will spend it all on end of life care.

Yes, I do know what is in my parents' estate and trusts, but that is because they were sliding towards dementia and I am a lawyer and saw the writing on the wall and got involved and made sure all the paperwork was right.

if they are mentally competent and have done their estate planning, just ask who their lawyer is and where they keep their will.

[Anonymous]

I wouldn’t ask. My parents have a trust but it doesn’t mean they are wealthy. I have a vague sense of what’s in it but no specifics. Given how expensive it can be to age in place and hire caregivers, I assume quite a bit will be spent down. Never depend on inheritance.

If your parents feel you need to know, they’ll let you know. For example, I have POA for a family member and need to help manage expenses so I do have a sense in that situation.

[Anonymous]

My parents were tight lipped until they got sick, then they decided to share more info.

[Anonymous]

Lol OP. All a trust does is avoid probate. You don’t have to be rich to have one. We will eventually set one up ourselves and trust me we ain’t rich.

[Anonymous]

Anonymous wrote:OP, you just need to assume the amount you will get is zero.

It's possible they will spend it all on end of life care.

Yes, I do know what is in my parents' estate and trusts, but that is because they were sliding towards dementia and I am a lawyer and saw the writing on the wall and got involved and made sure all the paperwork was right.

if they are mentally competent and have done their estate planning, just ask who their lawyer is and where they keep their will.

When my parents died, we discovered $5M was in their trust all told. You would have never guessed there was that much there given the frugal way they lived. Although, the frugalness probably allowed them to save that much.

But to answer OP’s question, I did not find out how much was in the trust until last parent received a terminal diagnosis and was getting things in order.

[Anonymous]

Anonymous wrote:

Anonymous wrote:PP here. Is that weird that my parents have me pay the annual fee for a trust that’s unclear if it’s funded? I have 3+ kids (only sibling with children) and it’s kind of a pain to write this check every year. I’m like putting my own questionable inheritance on layaway

I am the family coordinator for about the ten trusts in my extended family and a layer, though not a trust and estate lawyer, and I have no idea what you are talking about.

That’s fair. I’m confused myself. Do the extended family members pay an annual fee into their respective trusts that they are beneficiaries of?