Do I have to pay for items left in a trust?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
Do I have to pay for items left in a trust?
My grandpa recently passed away and we are working on his estate, tagging what we want and what is not tagged gets sold at auction. Now the executor is stating that my mother and uncle have to pay for items they want that they tagged, meaning it will come out of their trust funds. Is this true? And if not, what is exactly going on?
Asked on March 25, 2018 under Estate Planning, Georgia
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 6 years ago | Contributor
I am so sorry for your loss. The terms of the Trust govern the disposition. Is it possible that the Trust states that all items are to be sold and the proceeds distributed to x,y and z? Then is parties are permitted to just take items without putting the value back in to the Trust it "cheats" the other beneficiaries. So maybe also if he puts a fair market value on the item (or all agree to a value) they get that item instead of the funds they would get a part of if sole. Get the Trust. Good luck.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.