How doI determine what the value of my share of a trust is?

Get Legal Help Today

 Secured with SHA-256 Encryption

How doI determine what the value of my share of a trust is?

My sister, who is executrix of my father’s Will and successor trustee of his revocable trust, is entitled to 75%; I’m entitled to me 25%. She wanted me to provide her a dollar amount that I would accept as a cash buy out. I was only told that there were 3 rental homes all rented in pricey neighborhood but with high HOA fees. But all mortgage free (he’s owned these properties for quite a few years). She gave me no amounts or values to work with and put a big rush on needing my answer. How do I find out what investments and accounts are ail included? Who should provide that information? Is my sister required as successor trustee to give an accounting?

Asked on September 9, 2010 under Estate Planning, Arizona

Answers:

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

Answered 10 years ago | Contributor

Make no monetary demand and sign nothing at this point in time.  Personally I would seek legal help in your area but preliminarily yes, ask your sister for an accounting of the estate assets and the trust assets.  Ask for all debts and liabilities.  Ask for all assets including life insurance policies, annuities, etc., with a list of the beneficiaries and/or ownership information (if the trust was set up correctly then the trust should be the beneficiary or owner but maybe assets were left out of the trust). The homes should be valued as of the date of his death.  The HOA fees have nothing to do with their initial valuation (they may be harder to sell in the long run if the fees are high). You should have received all these documents as the beneficiary.  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