First, you need to understand the terminology. The executor settles a will and a trustee settles a trust. Your mother is the grantor if she used her own assets to fund the trust. And all of those who inherit something are beneficiaries. You are not expected to know everything but can consult with a trust lawyer using trust assets to pay for the consultation(s).
If I was in your place, I would want background info on all the beneficiaries, a family tree drawn out showing how they are related to her and why she thinks each person can't handle money well. Have they filed for bankruptcy, are mentally or physically challenged, always were poor, etc. Where did these people last live and are they still alive? Does the trust cover what should be done with a beneficiary's share if they die before your mom or after her? What happens if you die before your mom or before all the assets are distributed?
(These are rhetorical questions that don't require an answer in this thread.)
As far as accepting a fee, all the trusts that I have seen also have one of the beneficiaries as the trustee. Since they are getting a good chunk of the assets, they didn't take a fee.
In most(?) states, the beneficiaries are permitted to see the trust after the grantor dies, so you will have to send them a copy after death. Does your mom know that? Will the beneficiaries re-act when they learn their shares will be spread out over many decades? Maybe, maybe not. ..
If I was in your place, I would want background info on all the beneficiaries, a family tree drawn out showing how they are related to her and why she thinks each person can't handle money well. Have they filed for bankruptcy, are mentally or physically challenged, always were poor, etc. Where did these people last live and are they still alive? Does the trust cover what should be done with a beneficiary's share if they die before your mom or after her? What happens if you die before your mom or before all the assets are distributed?
(These are rhetorical questions that don't require an answer in this thread.)
As far as accepting a fee, all the trusts that I have seen also have one of the beneficiaries as the trustee. Since they are getting a good chunk of the assets, they didn't take a fee.
In most(?) states, the beneficiaries are permitted to see the trust after the grantor dies, so you will have to send them a copy after death. Does your mom know that? Will the beneficiaries re-act when they learn their shares will be spread out over many decades? Maybe, maybe not. ..
Statistics: Posted by celia — Mon Feb 24, 2025 1:33 am — Replies 1 — Views 132