Legal Question in Wills and Trusts in Massachusetts
Settling an Estate
We are in the beginning process of settling my husband's uncle's estate. Bank accounts/ cd's were left only in his uncle's name. However, his securities were set up in a trust account with the investment firm. Does the estate need to wait the one year before moving or transferring securities?
3 Answers from Attorneys
Re: Settling an Estate
The Estate relates to matters subject to probate. If there was a Trust, then the Trustee should take possession of the securities. However, before distributing the securities under the trust, you need to make sure there are no claims that can be asserted from the estate against the assets of the Trust.
You can make a distribution from an estate prior to the year ending if you have determined there are no outstanding claims or potential claims in excess of the amounts you would like to distribute early.
Your husband should have an attorney assist him, if this is a reasonably good sized estate.
Re: Settling an Estate
I also strongly recommend that your husband consult with an attorney.
The attorneys fees are payable by the estate, and an attorney can help to ensure that funds are not wasted or mishandled.
You need to be careful how you handle Trust funds versus Estate funds, and you should also make sure you understand the difference between treatment of probate and non-probate property.
Re: Settling an Estate
no.
It is unclear if the estate has control over these, from what you said.
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