Legal Question in Wills and Trusts in California
I am the trustee of my Mom's estate, she passed away recently..She had a minimal estate, a house upside down (which we are letting foreclose , Reverse Mortgage) and 60K in cash...Nothing else...
I was told by a friend that prior to dividing the cash, after the house forecloses, I need to get affadavits/file somerhting with the State Of Calif to make it legal and proper...There are 3 of us kids, the trust says divide it equally , which I will do (we all get along, no issues there)...I will file a final tax return with my CPA, I have already spoken to her....
Can't I just write 3 checks per the trust and call it done???
1 Answer from Attorneys
I wouldn't. There are steps you must take to make sure potential creditor's are protected, including the State of California and the reverse mortgage company. You must file final tax returns, for your mother and for the estate (but there should not be any state or federal inheiritance taxes.
You should purchase a Nolo book on trust administration at a local bookstore or contact a local attorney for assistance. Attorney's fees in this small of an estate would be quite nominal.
Good luck.
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