Death After Trust and Home Equity Loan

Q. Long Story, My boyfriend (RON) passed away on May 16, 2005 One week before he passed away he took out practically all the home equity. He Refinanced before the first of the year and ONE week before he passed he took the home equity loan out. The Estate is in a Trust and I am Assigned as 1st trustee. A financial advisor that no longer works for **** set him up with these contracts at which time I was there to hear and witness, not to mention audio record the whole transaction. There was X amount of $s written in a check to **** and notation made on the check stub of a split, (x-amount to Me) and (x-amount to his Children). So this transaction date was 5/11/05. Statements say the money was received at **** on the 11th. A contract date with "### Investors- Trust-Service Class 1-Lifestyle Portfolios)" was not recorded as a journal entry until the 18.

So when they received a death certificate stating the 16th, ### sends it back to **** after 3 months of interest accumulation. August received statement from **** showing only the initial investment. Not to mention **** says the money is sitting there with no beneficiary and will not be released except to a court appointed Executor along with a letter of testamentary, affidavit domicile, and something about LOA Executor? Anyway 3 things.

Well according to the Trust, Last Will and Testament, as well as THE POUR OVER WILL, I am listed as One of the Successor beneficiaries, 1st Successor Trustee, Executor, Durable Power of Attorney, and DPA for health care . I faxed them all this information along with a signed and notarized affidavit, plus a few other pages from the trust showing my name and powers but they refuse to release the money. No one is contesting this that I know of. Is there something else I can do without involving a lawyer or Judge and occurring added fees? By the way I have been keeping up the payments for the Home Equity Loan with a portion of the money he left in our joint bank (now my) account. But not to forget the funds at **** are part of that loan which continues to go up every month as well as the principle. It doesn't seem right **** is holding money that was taken out from a trust asset and now says the money was not part of the trust.

Any suggestions or help would be a blessing. Thank you sincerely.

A. There is a lot of information here and it needs to be sorted through.

How is the home titled? Was it in Ron's name only, in both of your name's or in the name of the Trust?

How was the account at **** titled?

The bottom line is this. If the account at **** was in Ron's name only, then **** is doing exactly what they are supposed to do. Just because someone has a Living Trust doesn't mean that the trust document will govern what happens to an asset. It only governs those assets in the name of the trust. If the **** account is in Ron's name instead of the name of the trust, then it isn't governed by the trust document.

If the account is in Ron's name, then it has to go through Probate. Unless you understand the process and can navigate it yourself, you will need an attorney. Assuming his pour-over will says to move everything into the trust, then once probate is completed the account at **** will be moved into the trust.

Then, as the successor trustee, you will have control over the money and will be responsible for managing and distributing it according to the terms of the trust.

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