Legal Question in Wills and Trusts in Utah
Living Trust Settlement
My parents had a living trust. They both died in the past year; I am the successor trustee. How do I settle the trust? One checking account was in my name and my father's and was possibly not in the trust. My father also owned 17% of a business and that asset is not in the trust. How do I proceed with settlement? How do I assess the tax implications? THank you.
3 Answers from Attorneys
Re: Living Trust Settlement
I don't recommend going it alone. You have fiduciary duties here. Anything that was not in a trust and not jointly titled with someone now living is potentially subject to probate. The trust document should spell out the disposition of the trust assets. You need to hire an attorney to assist you with probate/trust administration and a CPA for tax advice.
Re: Living Trust Settlement
The best advice is to hire an experienced attorney who can assist you in proper trust administration procedures and assist you in the proper closing of the trust.
If you attempt to try this on your own, you will be proceeding at your own risk and that is not advisable.
Re: Living Trust Settlement
As trustee you must read the trust and the other testementary documents (wills, instructions etc.) and determine what the assets are in the estate. As trustee you can sell or transfer the assets in the name of the trust to distriute them according to the terms of the trust. Generally the expenses of the deceased are paid, then taxes if any, then the balance is distributed. However this site is for general questions, and you may need specific assistance. You are welcome to call for a free consultation.
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