QUESTION

My husband and his brother were left property in a luving trust from their mother. She has passed on 10 years ago. What is best way to deal w/trust

Asked on Nov 22nd, 2016 on Trusts and Estates - New York
More details to this question:
The property will have significant income potential. Brother wants to set up a joint savings acount in both names for deposits. Is this a good idea?
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1 ANSWER

Estate Planning Attorney serving New York, NY
1 Award
I do not understand why nothing has happened for 10 years.  When someone dies, a living trust becomes permanent, and is like a will except probate is not required for assets in the trust.  The trust document will govern who has the power to do what.  However, it is best to distribute the assets than leave them in trust.
Answered on Nov 24th, 2016 at 7:21 AM

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