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

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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 9 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.  


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