When my grandmother died in 1974 my mother inherited her estate which included cash, shares & property, and she also left me and my brother each a portfolio of shares in our names after she died, however she did not leave anything to our 4 other older siblings. My mother died recently so my question is....do these shares left to me and my brother in each of our name now form a part of my mothers estate?
VIC Shares left in trust from grandmother
- Thread starter DBC
- Start date
Hi DBC,
Not having seen the full Will, I'd say yes the shares are in your mums estate. The other siblings may have a claim for more of your mums estate if they weren't provided for in her estate, if that's what you mean.
Not having seen the full Will, I'd say yes the shares are in your mums estate. The other siblings may have a claim for more of your mums estate if they weren't provided for in her estate, if that's what you mean.
If your Grandmother (GM) gave the shares to you via trust fund and your mother was the trustee, those are still your shares. You just need another trustee, or elect to take them now directly in your own name.
Not having seen the full will(s) either,
I'd be thinking that if they were a testamentary gift
direct to you (plural) from your grandmother,
without passing through your Mum's hands in any capacity (eg as a trustee),
then they may not be part of your Mum's estate.
I mention this because sometimes, people use the term "trust',
when that's not what's actually happening.*
I also note that you said "in our names" - which make me wonder
about them actually being a direct gift, back when.
If it turns out that they are (and always have been)
yours (as they say) "free and clear", then I'm
hard pressed to see them as part of your mother's estate.
Why this matters is twofold.
we're actually not.
We're coming at the question from two different angles,
and neither of us feels that we have enough information
to make a firm call on it in this case.
One last thing - if you get any grief, ask your trustee mother
to account for 40 years of missing dividends...
--------------------------------------
* ..while noting that it doesn't take much for a trust to arise.
Even if your Mum "looked after them for us while we were little",
that can be enough for a thing called a "constructive trust".
I'd be thinking that if they were a testamentary gift
direct to you (plural) from your grandmother,
without passing through your Mum's hands in any capacity (eg as a trustee),
then they may not be part of your Mum's estate.
I mention this because sometimes, people use the term "trust',
when that's not what's actually happening.*
I also note that you said "in our names" - which make me wonder
about them actually being a direct gift, back when.
If it turns out that they are (and always have been)
yours (as they say) "free and clear", then I'm
hard pressed to see them as part of your mother's estate.
Why this matters is twofold.
- if they are actually yours, then your other relatives
probably have no claim on them (even if they
might have a family provision claim on other assets); and - they might be capital gains tax exempt,
because of how long ago it was (before CGT existed in Australia).
we're actually not.
We're coming at the question from two different angles,
and neither of us feels that we have enough information
to make a firm call on it in this case.
One last thing - if you get any grief, ask your trustee mother
to account for 40 years of missing dividends...
--------------------------------------
* ..while noting that it doesn't take much for a trust to arise.
Even if your Mum "looked after them for us while we were little",
that can be enough for a thing called a "constructive trust".
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