Trust successor
My 105 year old mother just passed away and had several investments all in trust. My brother, sister and I are supposed to get equal shares, but she put my sister as successor, then brother, then me. I have been the one calling all the investors getting the information for all three of to “change ownership” to a new trust account. Can that new account have all three of us, and should my sister be the one signing everything alone since she is the successor ?
Terry Says
You should be in touch with an estate planning attorney, because I can only guess at the terms of this trust. Assuming it was a revocable living trust, then the successor trustee (your sister) has the responsibility of selling all the investments and distributing the money to the three beneficiaries. (There may be a reason not to sell, such as real estate that the three of you want to keep owning jointly, and for that you’d need an attorney).
You get the money from those investments tax free, no matter what gains in the investments. If you decide to hold on to any of the investments, your new cost basis is the value on date of death.
Bottom line: You should now each take your share and make your own decision about what to do with it. If it’s going to get complicated, please contact an attorney in the estate planning field to guide you.
