Legal Question in Wills and Trusts in Massachusetts
My parents made me trustee of all their bank books including checking and savings. they have now both past. am i entitled to that money that is in the accounts that they made me trustee? what if the will says something different about the funds? also if im entitled to the money do i have to pay taxes on that money? im planning on splitting that money with my two sisters. should i give it to them as a gift or does it matter with taxes? thanks
1 Answer from Attorneys
If you handled your parents accounts on the basis of a Power of Attorney or Durable Power of Attorney the funds are not yours. If you acted as trustee and there is no trust, the money would not be yours; it would go into the estate of the last to die.
If the total estate is less than $1 Million, then there is no State or Federal estate tax. You can therefore upon the closing of the estate or at least within 12 months of the opening of the estate and the death of the last parent begin to disburse funds.
I would recommend you meet with a probate attorney for assistance in handling all this.
Please feel free to contact me if you have additional questions.
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