Living Trust

[blhuff1]

What is the name of your state? California
My wife and her two brothers are listed in their fathers will equally. Dad also has a living trust. Dad recently found out that his out of state property ( Utah) has incresed in value. 175K
question
Does this property need to be in the trust's name?
Does the trust have a tax advanage?
Does the trust provide the heirs an easy way to distribute the assets when dad passes?
As always three heirs, three differnt opinions.

Dad is 94 years young and can't seem to remember why he had a trust in the first placeWhat is the name of your state?

 

[Dandy Don]

Did dad have the assistance of an attorney to draft his trust?

Yes, the property should be in the name of the trust--his attorney should be handling this now. If there is a pour-over will in the trust, that might retroactively cover the property after the death occurs, but it is better to take care of it now while he is still alive and there would be no question about his intent.

Only an accountant could advise you about the tax advantages.

Do you all have access to the trust and do you even know who the trustee will be? If you don't know, you need to find out.

DANDY DON IN OKLAHOMA ([email protected])