What is the name of your state? NY
I live in Arizona but am trustee of my sisters Rev Liv Trust. My sister passed several months ago leaving personal property worth a few thousand and 2 condos worth approximately $600 thousand total. At the time of my sister's death she had only partially finished a kitchen remodel job so I had to complet that and then sell the condos while maintaining her debt. She had a pour over will but very little property outside the trust so I was able to do a small estate and avoid probate. I have been lucky with the sale of the real estate and recently closed on the properties. I immediately paid the remainder of her debt and now have about a quarter mil in the trust checking. I understand from various sources that I do not have a capital gains libility on the condos as being in the trust the enjoyed a steped up basis so I am not especially worried about a large income tax liability. The estate totaled approximately $850,000 so there also is not a estate tax liability. I want to do a partial distribution to the beneficiaries as soon as possible and think that it would be safe to distribute $200,000 of the trust leaving the remainder in reserve for professional fees and taxes. My sister designated 10 beneficiaries of her trust so it would be a tidy little Christmas gift for everyone and Christmas was my sister's favorite holiday. I was told by several persons that before I make a partial distribution that I should have each person sign some sort of release and refund letter in the event something unforeseen come up and the money should have to be returned. Another concern that I have is that with so many beneficiaries it is likely that someone or more persons may not feel like that was all they had coming. It seems people always feel the other person is so much better off than is usually the case. I have been unable to find onr of these letters in the form sites accessable on the internet. Does anyone know what content such a letter would have. Also, what are my onligations to the beneficiaries pertaining to disclosure of the trust accounting and the trust document. I am concerned about my obligation to the privacy of the other trust beneficiaries names and distribution percentages. I want to do the right thing but am afraid of disclosung too much. What am I required to disclose. May I black out parts of the trust document. Any help would be greatly appreciated.
I live in Arizona but am trustee of my sisters Rev Liv Trust. My sister passed several months ago leaving personal property worth a few thousand and 2 condos worth approximately $600 thousand total. At the time of my sister's death she had only partially finished a kitchen remodel job so I had to complet that and then sell the condos while maintaining her debt. She had a pour over will but very little property outside the trust so I was able to do a small estate and avoid probate. I have been lucky with the sale of the real estate and recently closed on the properties. I immediately paid the remainder of her debt and now have about a quarter mil in the trust checking. I understand from various sources that I do not have a capital gains libility on the condos as being in the trust the enjoyed a steped up basis so I am not especially worried about a large income tax liability. The estate totaled approximately $850,000 so there also is not a estate tax liability. I want to do a partial distribution to the beneficiaries as soon as possible and think that it would be safe to distribute $200,000 of the trust leaving the remainder in reserve for professional fees and taxes. My sister designated 10 beneficiaries of her trust so it would be a tidy little Christmas gift for everyone and Christmas was my sister's favorite holiday. I was told by several persons that before I make a partial distribution that I should have each person sign some sort of release and refund letter in the event something unforeseen come up and the money should have to be returned. Another concern that I have is that with so many beneficiaries it is likely that someone or more persons may not feel like that was all they had coming. It seems people always feel the other person is so much better off than is usually the case. I have been unable to find onr of these letters in the form sites accessable on the internet. Does anyone know what content such a letter would have. Also, what are my onligations to the beneficiaries pertaining to disclosure of the trust accounting and the trust document. I am concerned about my obligation to the privacy of the other trust beneficiaries names and distribution percentages. I want to do the right thing but am afraid of disclosung too much. What am I required to disclose. May I black out parts of the trust document. Any help would be greatly appreciated.