What is the procedure for a trusteeregarding thedistribution oftrust assets to beneficiaries?

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What is the procedure for a trusteeregarding thedistribution oftrust assets to beneficiaries?

I am the trustee for a trust. It’s time to give out the money to the beneficiaries. Can I simply write them a check or are there other legal requirments like meetings or forms for the government? Also, there is a house that has to be sold. Can I keep back cash to cover expenses and taxes?

Asked on March 2, 2011 under Estate Planning, Illinois

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

I think that you should go and speak with an attorney to help with all of this.  You hold a very important position as the trustee of the trust, one that comes with it great responsibility and great trouble if things are not handled properly.  You need to take care of business, so to speak, before you distribute anything at all to the beneficiaries.  What if you get caught short on the fees associated with the sale of the house?  Are you going to ask everyone to give money back?  Or you are going to have to do everything twice with the issuance of the checks?  Get help.  It is a deduction from the trust as it is an expense, I am sure.  Good luck.


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