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revocable living trust

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chelle82

Junior Member
What is the name of your state? CA

My husband's parents have both died. His last surviving parent died June 9th, 2007. He is the first successor trustee of their revocable living trust. Is there a time limit that he has to go by to finish the estate up? The house his parents owned is very old and there is so much to go through and clean out. He is trying to do this himself with some hired help he is paying out of his parents checking account that was left.

Anyway his brother now wants the assets divided or he is threatening to take it to probate and be named executor. We know nothing of the law. We received a registered letter from his brother that explains what an executor's responsibilities are, and what probate requires. There was no attorney heading, and it looks as though he otained the info from a web site or something and sent it to him. We can't find a time limit for distributing the assets in the trust anywhere. His parents left most of the accounts and legal papers in his name. Does he have to rush and sell everything to divide it or can he wait until he has at least cleaned the place up? Also can he use the money in the accounts to pay for any expenses done to the property. The checking account is in his name only.

He does not want this to end up in probate. That was the reason his parents did the revocable living trust. Any information would be apprecitated.
chelle82
 
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curb1

Senior Member
Some questions? Were all of the assets titled properly and in the trust? I would be interested in what others think, but there is plenty of time to do this correctly. What are the values of the assets in the trust? What is the value of any assets outside the trust? Who prepared the trust and are they available for advice? A few important questions should not be expensive.

Is his brother the only other sibling? Why is he in a hurry? Who is named in the will as beneficiaries?
 

chelle82

Junior Member
Thanks for the reply.

The trust was prepared by an estate planning service and then looked at by an attorney.
The major asset is the house. As I said it is very old with a tiny tiny lot. The problem is his mother and father had tons and tons of stuff. He isn't even sure what to do with all of it. Just things people collect over the years but it seems like they did more collecting than most.
There were bank accounts listed in the trust. The one account was closed long ago by his parents. The other one is a checking account used for his mother's personal expenses. This had my husband's name on it. He is currently using it to pay the expenses that still remain. I assume the rest would be split if there is anything left.
He has another brother to but he could care less. He is in agreement with the decisions my husband has made.
We do not want this to end up in probate.
The broher who sent the letter does not get along with my husband and other brother. So may be just something to get him upset or he is afraid he isn't going to get his share which isn't going to be much anyway.
I appreciate all advice.
Thank you,
chelle82
 

tecate

Member
I realize this is a DIY website, but when beneficiaries get loud like this, it is a good idea to hire an attorney and do everything right. It appears that a "trust mill" did the document work; I would look elsewhere for help. The fees can be charged to the trust, meaning your husband will pay one-third. Also, my guess is the attorney will want to review the title history to that checking account, to make sure it is not your husband's alone.

If everything is titled to the trust there shouldn't be administration (probate), but the brother can file suit against your husband in probate court for perceived breaches of trust. Hiring an attorney might dampen his enthusiasm, but if not, your husband will need to dot his i's and cross his t's.
 

chelle82

Junior Member
Thank you.
I think I have my husband convinced to take it to an attorney for advice. It would be worth the cost. This has been a big headache.
I apprecitae the advice.
chelle82
 

chelle82

Junior Member
Another question. Since my husband is the main trustee and responsible for everything can he charge the estate for his time and labor. He works full time and most of his spare time is being taken up with cleaning out a house that had 55 years worth of things in it. He has had his hands full. The other two brothers have offered no help. One could care less about any of it including the money and the other brother just wants every penny that is left.
We will take it to a lawyer next week but thought I'd ask here too. This is a great forum and the advice is appreciated.
chelle82
 

curb1

Senior Member
Yes, he can charge for his efforts. The attorney will be able to tell him what is appropriate for your state. Usually, it is not a "big deal" when families can act civilly.
 

chelle82

Junior Member
Thank you. I wish families could act civilly. They will try to cheat each other for revenge not money. There isn't a whole lot of money there once everything is settled. Seems ridiculous.
Anyway I appreciate your help.
chelle82
 

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