Legal Question in Wills and Trusts in Texas

dad died leaving a living trust

I called my dads stock broker today to transfer 800.00 of stock to the children his personal property vested in at his death. The broker told me a living trust and a will go to gether that the stock was not in the trust name and if no will a court would have to appoint someone to handle dads affairs. I find no will. he paid a well know lawyer to prepair the trust in 87.The broker said the personal stocks are property of the state if no will. Is this so, and is there any other way then the brokers said for the 4 living children to claim the stock.


Asked on 7/07/01, 3:08 am

1 Answer from Attorneys

Re: dad died leaving a living trust

I'm not sure I follow you, but from what I gather, Dad had some stock, and planned to transfer it into a living trust. He didn't finish, though so the stock is still in his name. There is no will either. If that's the case, then the property would pass via the probate codes intestacy section, which has specific distribution patterns. Most likely, the property would be split between his surviving spouse and children. I would have to double check the paperwork to be absolutely sure.

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Answered on 7/09/01, 2:54 pm


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