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
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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