QUESTION

How do I withdraw my share of stock portfolio residing in a marital trust?

Asked on Jan 12th, 2013 on Trusts and Estates - Texas
More details to this question:
Both my parents are deceased. Their marital trust consists of property and a stock portfolio. Can I withdraw my share of the stock portfolio without the entire thing having to be liquidated? The trust itself is located in Wisconsin; I live in Texas.
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1 ANSWER

Kevin Spencer
If the trust is in Wisconsisn, then Wisconsin law would control it, not Texas law; unless, of course, there is a venue provision in the trust that requires it to be interpreted and administered under Texas law.  In any event, jurisdiction over the trust is in Wisconsin, not Texas.  It is you that lives here in Texas, not the trust, which lives in Wisconsin. If both of your parents are deceased, then you need to check the trust, but, usually, the trusts terminate on the death of the surviving spouse (the second spouse to die), in which case, the trustee would be required to wrap up the business of the trust and distribute according to the trust's terms.  It would not be a situat9ion of you withdrawing your portion, but rather it is a situation of the trustee distributing all of the assets of the trust(s) since they have terminated. I hope I have not inferred too much into your question. Sincerely, Kevin Spencer www.spencerlawpc.com  
Answered on Jan 20th, 2013 at 5:19 PM

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