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Living trusts

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ronn harris

Guest
What is the name of your state? Oklahoma
My father-in-law had a living trust with my wife and her brother as trusties. My wife had a contract written by a lawyer to sell her share of the properties and her share in the trust to her brother. He paid a small portion to her but won't sell the property or fufill the rest of the contract. My wife won't insist on doing anything but was wondering what happens to her interests if something happens to her brother?:confused: Is she still legally a trustee? Thanks for any suggestions.
Ronn
 


Dandy Don

Senior Member
It's virtually impossible for anyone to make an adequate determination of your situation without actually looking at the documents.

Why did your wife have this type of contract drawn up--was she in need of cash and this is the only way she thought she could get some?

If brother has not fulfilled his obligations under the contract, then he has breached it and it might be considered null and void and she still might retain her rights to receive whatever assets the trust says she gets, but she might also have to return whatever monies she got under the contract.

The fact that she signed the contract has no effect on her status as trustee. At the time that the trustor's death occurs, she can still serve as co-trustee with the brother and receive whatever compensation that co-trustees get for their service.

If you have specific concerns about this, then you need to be having the documents reviewed by a local trust attorney or business law attorney.
 

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