ASK HARRY: How Do You Dissolve a Revocable Trust After Death?
Harry Margolis, Esq. has been representing seniors, individuals with special needs and their families since 1987. Harry Margolis, Esq. has been representing seniors, individuals with special needs and their families since 1987. Harry Margolis, Esq. has been representing seniors, individuals with special needs and their families since 1987.
Question: My father passed away last year. (My mother passed away several years ago.) He had a revocable trust that says that upon his death the trust holdings, his home and some investment accounts, be distributed to me and my two siblings. I’m the successor trustee. What should I do now with respect to the trust?
Response: The trust will end when all of the property it holds is distributed. Assuming you and your siblings want to sell the house, it’s easiest to wait to dissolve the trust until the sale goes through. That way, there’s just one seller — the trust — rather than three — you and your siblings.
TORNADO WATCH 354 REMAINS VALID UNTIL 10 PM CDT THIS EVENING FOR
THE FOLLOWING AREAS
IN ALABAMA THIS WATCH INCLUDES 11 COUNTIES
IN CENTRAL ALABAMA
BARBOUR BULLOCK CHAMBERS
ELMORE LEE MACON
MONTGOMERY PIKE RANDOLPH
RUSSELL TALLAPOOSA
THIS INCLUDES THE CITIES OF ALEXANDER CITY, AUBURN, EUFAULA,
LANETT, MILLBROOK, MONTGOMERY, OPELIKA, PHENIX CITY, ROANOKE,
TROY, TUSKEGEE, UNION SPRINGS, VALLEY, AND WETUMPKA.
...FLOOD WATCH REMAINS IN EFFECT THROUGH FRIDAY EVENING...
* WHAT...Flash flooding caused by excessive rainfall continues to be
possible.
* WHERE...A portion of central Alabama, including the following
counties, Autauga, Barbour, Bibb, Bullock, Calhoun, Chambers,
Chilton, Clay, Cleburne, Coosa, Dallas, Elmore, Greene, Hale,
Jefferson, Lee, Lowndes, Macon, Marengo, Montgomery, Perry,
Pickens, Pike, Randolph, Russell, Shelby, St. Clair, Sumter,
Talladega, Tallapoosa and Tuscaloosa.
* WHEN...Through Friday evening.
* IMPACTS...Excessive runoff may result in flooding of rivers,
creeks, streams, and other low-lying and flood-prone locations.
* ADDITIONAL DETAILS...
- http://www.weather.gov/safety/flood
PRECAUTIONARY/PREPAREDNESS ACTIONS...
You should monitor later forecasts and be prepared to take action
should Flash Flood Warnings be issued.
&&
