[WSBAPT] Trust has not distributed assets

[Mark Vohr]

Thanks for the clarification.   The current trustees would deed the property to the trustee of the irrevocable trust as follows:

[Grantor Trust Company] hereby conveys [quit claim][statutory warranty deed] to [name of trustee of revocable living trust] as trustee of the [name of the revocable living trust].

The warranties should be discussed.  Hope that helps.

Regards,

Mark

Mark C. Vohr, Esq.
Ohana Fiduciary Corp.
Ohana Financial Services
A Washington Trust Company
Mark C. Vohr, J.D., CPG, Principal
PO Box 33710  Seattle, WA  98133
T:  (206) 782-1189 F:  (206) 782-1434
mcv at ohanafc.com      www.ohanafc.com

From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com> On Behalf Of Marvin Benson
Sent: Tuesday, December 22, 2020 1:39 PM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
Subject: Re: [WSBAPT] Trust has not distributed assets

Sorry about  confusing the situation.  The term 'property' refers to the real property itself.

On Tue, Dec 22, 2020 at 12:46 PM Mark Vohr <mcv at ohanafc.com<mailto:mcv at ohanafc.com>> wrote:
Marvin:

            I’m a little confused as to the whether we are talking about transferring real property or the income interest.  Is the term “property” as used in your query meant to refer to the income interest or the actual real property itself.

Regards,

Mark

Mark C. Vohr, Esq.
Ohana Fiduciary Corp.
Ohana Financial Services
A Washington Trust Company
Mark C. Vohr, J.D., CPG, Principal
PO Box 33710  Seattle, WA  98133
T:  (206) 782-1189 F:  (206) 782-1434
mcv at ohanafc.com<mailto:mcv at ohanafc.com>      www.ohanafc.com<https://urldefense.proofpoint.com/v2/url?u=http-3A__www.ohanafc.com&d=DwMFaQ&c=euGZstcaTDllvimEN8b7jXrwqOf-v5A_CdpgnVfiiMM&r=K1mLMC1eFjwfeeMM-AC6zQ&m=P-J7akcUqLj5QBtt3iyLcGpfaNQitrOzKbAeQM5OZl4&s=BHF_zVwst8cm8jsJli0z2XH5x1zx58NjSYyD524_uLc&e=>

From: wsbapt-bounces at lists.wsbarppt.com<mailto:wsbapt-bounces at lists.wsbarppt.com> <wsbapt-bounces at lists.wsbarppt.com<mailto:wsbapt-bounces at lists.wsbarppt.com>> On Behalf Of Marvin Benson
Sent: Tuesday, December 22, 2020 12:11 PM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com<mailto:wsbapt at lists.wsbarppt.com>>
Subject: [WSBAPT] Trust has not distributed assets

Dear Listmates

My client is a grandchild of original trustors in another state, and I think the same basic legal principles apply.
Trustors put income producing property in trust with the directions to distribute property to their children in equal shares, and if a child dies before them, to pass to the children of the deceased child.
Trustors died over 20 years ago.  The successor trustees have kept managing the property and distributing the income.  One child has died.  And now deceased child's children receive equal shares of their deceased parent's share.
Grandchild, who is my client, wants to set up a revocable living trust.
My question is : (if this were Washington real property) how should we  transfer grandchild's interest to grandchild's trust?

Thank you

Marvin Benson
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