How to distribute Trust assets?
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How to distribute Trust assets?
My mother passed away early this year. She did have a trust, however the only asset was her car worth $5800. It was only in her name and we had to go to probate to have it put into the trust. The trust is to be divided between my sisters and I. Do I have to come up with the entire $5800, then give my sisters their share? I am keeping the car and it seems foolish to come up with everything only to pay myself back my share.
Asked on November 10, 2012 under Estate Planning, New Hampshire
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
I am so sorry for your loss. It is best to be able to read the terms of the trust before giving guidance. But as I understand your question you wish to buy the car for yourself and your sisters are fine with that. You can settle on an amount and then give your siblings their percentage of what would be the cash on sale. You do not have to come up with your share too. But make sure that this agreement for distribution is in writing and that all your siblings sign off on it. Good luck.
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