Legal Question in Wills and Trusts in Colorado
I am the trustee of my mother's home which is now under contract. How do they distribute the money at closing. There are 5 heirs, and 3 of us have put money into the home to bring it to good condition. How do we get our share of the money we put into the home before it is distributed?
1 Answer from Attorneys
You cannot be a trustee of a house. You might be a trustee of a trust. If the property is owned by a trust, the sales proceeds will be issued in the name of the trust. That check will then be deposited in the trust's bank account.
If people have claims for reimbursement, those claims must be presented to the trustees of the trust for assessment.
Before you proceed further, seek the advice of a qualified attorney who specializes in trust and estate matters.
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