Legal Question in Wills and Trusts in Missouri

My mother had a revokable trust in Missouri and when she died in October 2010, it automatically became an irrevokable trust. Her will designates all assets be divided 6 equal ways for her children. All assets are CD's & money market account. (all cash). How can this trust be dissolved and what tax liability do we have? Thank you, Joy W.


Asked on 12/02/10, 3:35 pm

1 Answer from Attorneys

Richard Herndon Richard J. Herndon, Attorney at Law

This seems to be a very simple situation. The only confusion is that you state that her WILL designates that all assets be divided six ways. What does her trust say? Are all assets titled in the name of the trust? Assuming assets are titled properly, simply do whatever the trust says. It's likely that it says pay my debts and final expenses, divide the rest equally and give it to my kids. That's what you do! However, I'm making many assumptions here. For instance, the trust may require that the assets be distributed over a period time. Based on your description there seems to be little or no tax issues UNLESS some of the money is in qualified accounts, such as IRA's. Bottom line: Go see a lawyer who does this kind of work. Don't guess. It will be money well spent.

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Answered on 12/07/10, 5:03 pm


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