Initiation of Living trust upon death of trustees
I have a living trust. My information leads me to believe there is no ''official'' government channel through which it must pass upon death of the trustee(s).
But, if this is so, how does the government determine that the estate is not large enough for estate taxes,i. e. if there is no direct involvement of a government agency?
1 Answer from Attorneys
Re: Initiation of Living trust upon death of trustees
You are mixing apples and oranges. If you have a Living Trust, the trust itself has a taxpayer identification number, and the trust is not part of your estate. If you have a testamentary trust, where the trust is formed from your estate upon your death, your estate must be probated.
If you have a Living Trust (Intervivos Trust) and are the only trustee, you'd best get to a lawyer and have the matter straightened out so there's continuity.
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