Trust transfer

[Northfl]

My brother in law has a couple of sbr’s in a trust.
He is going through a divorce and wants to know if my wife can take possession of them as she is on the trust.
The trust is a pretty old one as she didnt have to do a background check back when he set it all up.
Is this something that is as simple as her getting them with a copy of the trust and the stamps or is it way more complicated than that. I havent a clue as i only have only 1 form can and never have dealt with a trust.
Just trying to make sure everything is right

Thanks for any info

 

[b6graham]

isn't this the point of a trust? so anyone on it can have possession of them?

 

[Northfl]

I havent a clue about them. Florida if that makes any difference

 

[W54/XM-388]

If your wife is a trustee on the trust then she should be fine.
Just you know make sure she has copies of the full trust and any amendments and then also probably have her hold the original tax stamps as well.
Since it's a divorce, she might want to be holding all the originals just in case the ex wife starts wanting to destroy papers.

That being said, if the Ex wife is a trustee as well then life could get a bit more interesting in divorce court depending on how the trust was made.

 

[wizardpc]

His attorney needs to answer this for him, not randos on the internet.

 

[Northfl]

His attorney needs to answer this for him, not randos on the internet.

I agree 100%. Just trying to get some direction is all

 

[Eurodriver]

If she’s a trustee of course she can take possession of them.

In FL your BIL can amend and restate the trust without doing an NFA transfer. An experienced trust attorney should prepare the new trust to make sure it’s legally binding and effective.

This is why smart people don’t use $89 internet trusts. Things like this happen and finding a lawyer to take it on is more challenging than if you had one from the word go.

This obviously is in lieu of any divorce requirements - a court can demand he give the spouse half the value of the trust if it is significant in their finances or half the items themselves if she wants them.

 

[W54/XM-388]

This obviously is in lieu of any divorce requirements - a court can demand he give the spouse half the value of the trust if it is significant in their finances or half the items themselves if she wants them.

That would depend on when the trust was made, before or after they were married and is she on the trust as a trustee or beneficiary and if they were married and some other things state by state. As always consult an attorney, the ex-wife may not be able to touch the trust at all or there may be other things.

Lots of smart folks put their assets into trusts before getting married just for this very thing.

 

[Smithdausmc321]

If she is a trustee, yes she can take them and keep the documents. If she is a beneficiary, no she can not.

I hold an FFL/SOT in FL. That is the reason for a trust.

 

[acudaowner]

trust if there is a way your cousin could screw you out of money , he probably will =trust fund .