What is the name of your state (only U.S. law)? TX
Q1. My father (God rest his soul) recently passed away. For the past several years, he had been living in Arizona prior to his passing. His will and living trust documents stipulate that his estate goes into his living trust, and that distribution of the assets in his living trust gets split based on specified percentages 30/40/30 between my brother (the executor), my sister, and myself, and that such transfer goes to our individual trusts. Neither my brother, my sister, nor myself have individual trusts. Am I correct in assuming that we each need to scramble to acquire trusts in order to distribute any of the assets from our fathers estate? If so, are there "do-it-yourself trust" kits available online or elsewhere to expedite this process?
Q2. My father owned several vacation timeshares all over the US. My brother, sister, and I consider these to be liabilities and not assets. These properties have some rather hefty maintenance fees, which I have paid out of my own pocket for 2009, and intend to merely rent out to help offset the fees. Can we leave these timeshares in our fathers trust and not distribute them, since nobody wants them?
Q3. My father's trust also contains a bunch of stock and mutual funds, which took a beating over the past several months. Can we leave those instruments in place within our fathers living trust until some future date when the market recovers?
Q1. My father (God rest his soul) recently passed away. For the past several years, he had been living in Arizona prior to his passing. His will and living trust documents stipulate that his estate goes into his living trust, and that distribution of the assets in his living trust gets split based on specified percentages 30/40/30 between my brother (the executor), my sister, and myself, and that such transfer goes to our individual trusts. Neither my brother, my sister, nor myself have individual trusts. Am I correct in assuming that we each need to scramble to acquire trusts in order to distribute any of the assets from our fathers estate? If so, are there "do-it-yourself trust" kits available online or elsewhere to expedite this process?
Q2. My father owned several vacation timeshares all over the US. My brother, sister, and I consider these to be liabilities and not assets. These properties have some rather hefty maintenance fees, which I have paid out of my own pocket for 2009, and intend to merely rent out to help offset the fees. Can we leave these timeshares in our fathers trust and not distribute them, since nobody wants them?
Q3. My father's trust also contains a bunch of stock and mutual funds, which took a beating over the past several months. Can we leave those instruments in place within our fathers living trust until some future date when the market recovers?