QUESTION
Who issues proceed checks to beneficiaries when a house is sold and the beneficiaries gain 1/3 each of the house sale?
Asked on Jul 24th, 2016 on Trusts and Estates - Massachusetts
More details to this question:
Does the trustee write the check or does the checks come from a title company and or bank? I was told the amount owed is spllit up into multiple checks. We sold a house that was held in a irrevocable trust. The house has closed. As a beneficiary, who sends me my 1/3 share of the house. I do not know who to expectt a check from and why isnt a lump sum check sent.? The house proceeds are split 3 ways- trustee, and 2 beneficiaires get a 1/3.
1 ANSWER
3 Awards
Good morning.
When a property in trust is sold then the trustee or trustees of the trust will receive a check from the closing attorney. Then the trustee will deposit the check into the trust account and then cut checks in accordance with the trust declaration or agreement to the beneficiares if the trust declaration or agreement requires the same.
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Answered on Jul 27th, 2016 at 5:23 AM