How to handle the division of an estate asset if there is a Trust involved?

Get Legal Help Today

 Secured with SHA-256 Encryption

How to handle the division of an estate asset if there is a Trust involved?

My father and his last wife both had Trusts. The residence they lived in is to be divided between my father’s Trust and his wife’s. Now they are both deceased and the other side of the family is ready to put their residence up for sale. I live in another stat, but they will be taking care of the sale and will then have 2 checks – 1 for each Trust. What kind of paperwork will I need to get this in motion?

Asked on May 8, 2014 under Estate Planning, North Carolina

Answers:

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

Answered 7 years ago | Contributor

There are some important facts that need clarification here and I think that you should have an attorney in the state in which the property is located to make sure that things proceed as you believe that they should.  Is there a Will?  Was the property held with rights of survivorship? Who died first? The answers to these questions will have an impact on the end result. Don't be penny wise and pound foolish. Good luck.  


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption