My father placed a building he owned and rented in a trust and named my brother trustee. All rent receipts supposedly went into a checking account for my mother which was also in the trustee's name, to take care of her and maintain her home, taxes, etc since she could not balance a check book. The house and car were left in my mother's name. She passed away on 3/26/20 with no will. I received a letter from my brother's lawyer stating " the only assets of the estate are your mother's house and car. Her bank account was held jointly with Bob, so it does not need to be released by the court." I have not seen paperwork on the trust and my father left no will. My brother wants to be named commissioner to handle the paperwork, title the house and car in my and my sister's name, and divide the funds among the three of us. Doing this, does the trust, building and bank account, become my brother's alone?
The assets of the trust are the assets of the trust. They do not belong to any individual. The trust instrument determines how they are to be distributed by the trustee on your mother's death. If you are a beneficiary, you are likely entitled to an accounting. If not, not. If you are a beneficiary, you cannot demand a distribution. The trustee must follow the directions in the trust instrument.
This is general information. It cannot substitute for a personal consultation with an attorney. It is not intended to be legal advice or imply an attorney-client relationship.
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