Does anyone take over lawyers records?

amother

Crimson

Wed, Sep 05 2018, 4:33 pm

We used an attorney to set up a trust over 10 years ago. I don't think I have the actual trust information and now the attorney is no longer practicing. I don't see anything on-line regarding anyone buying out the practice.

Is there any protocol whereby files need to be stored somewhere or if it's over 10 years I can just forget about it?

ra_mom

Tue, Sep 18 2018, 4:33 pm

amother wrote:

If you're looking for organizational documents from the original trust formation, you can pay a corporate service provider to obtain copies for you.

amother

Cobalt

Wed, Sep 19 2018, 8:50 pm

ra_mom wrote:

If you're looking for organizational documents from the original trust formation, you can pay a corporate service provider to obtain copies for you.

And how would he do that?

amother

Crimson

Thu, Sep 20 2018, 12:30 am

I'm the trustee, and the lawyer was required to stop practicing.
This is in NJ.
So what's my next step?

I set up a trust to put my parents' assets away for them, but I don't know of any documents that specify how it's to be used other than that I and my co-trustees (siblings) can take out funds. But I need to know if there were any other conditions, I guess. I don't even remember now why I asked the question...

Oh, right, my accountant said:
If you get a distribution of income from the trust it is taxable income (& would be reported to you on the K-1) but if you leave the income in the trust & take a distribution from the corpus it is not taxable.

I then asked him: How exactly do we determine that?
A: It depends on the trust instrument but usually it is at the discretion of the trustee.

So now I am trying to locate the "trust instrument" but I don't know what it looks like : )

amother

Oak

Thu, Sep 20 2018, 2:56 am

amother wrote:

Probably needed to present the trust documents to open a bank account / investment account for the trust. Talk the the person managing the account (s).

amother

Cobalt

Thu, Sep 20 2018, 4:31 am

ra_mom wrote:

Call up a place like Allstate Corporate Services (800) 906-9220

Will you stop with this? A trust isn't created by the state.

The hint should be corporation in the name instead of trust.

OP: consult an ttorney. This isn't legal advice.

amother

Cobalt

Thu, Sep 20 2018, 4:42 am

amother wrote:

Please consult a trust attorney instead of getting cockamamie advice here. This isn't legal advice.

I know quite a bit about trusts, but I don't want liability of giving legal advice. Any competent trust attorney can help you.

amother

Oak

Thu, Sep 20 2018, 9:48 am

amother wrote:

Contacting the institution that holds the trust funds isn't cockamamie advice. Thanks.

amother

Crimson

Thu, Sep 20 2018, 7:16 pm

This is what I found regarding the original attorney.
STATUS: Administrative - Not Authorized to Practice

What does this mean? Is it like being disbarred? Anyhow, her office is no longer existing.

amother

Cobalt

Thu, Sep 20 2018, 7:23 pm

amother wrote:

Contacting the institution that holds the trust funds isn't cockamamie advice. Thanks.

It is cockamamie advice on quite a few levels. You are clueless why.

Her accountant's advice is also isn't good and is missing steps .