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LegalGems, Attorney
Category: Estate Law
Satisfied Customers: 7113
Experience:  Private Practice; Elder Law Attorney; Estate Planning; Attorney Mentor
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Should trustee be using the anticipated market value of a home

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Should trustee be using the anticipated market value of a home to balance cash income and disbursements from a bank trust account?

LegalGems :

Hi; My goal is to provide you with great service - if you have any questions during our chat, please ask! I'll do my best to ensure your satisfaction! A trustee has a fiduciary duty to the estate, and it is essential that the accounting can be reconciled at any time. By relying on future anticipate proceeds (based on sale of assets) a trustee is putting him/herself in a very tenuous position, because if the market drops (as California in particular has seen over the past decade) then the trustee will not have the means to balance the account. Generally disbursements are not made unless there is ample money in the estate, currently, to cover such disbursements.


Thank you for your answer. In another window the word "estate" had a hyperlink. How do I get that window back so I can read more from you about the "estate" ? The Trust was only a bank account; the real estate was never put into the Trust. Would that make a difference in whether or not it should have been included in the accounting?

LegalGems :

You are welcome. I am switching this to Q&A format after I respond as I was notified from customer service you were unable to view some of the answer. Last night we were having some problems on the site, and not all of the answers were "sticking" and that appears to be the case here. I'll try to explain it again-sorry about that! If the trust is only in regards XXXXX XXXXX bank account, the trust accounting would only pertain to that account. However, with that being said, since the real estate is not a trust asset, it's anticipated sale should not have anything to do with the trust bank account so it's anticipated proceeds would not be a factor.

LegalGems :

Let me know if you have further questions. I'll switch this to Q&A now to ensure you can view it. Thanks.

LegalGems and 3 other Estate Law Specialists are ready to help you
Customer: replied 3 years ago.

Thank you.

Very welcome! Take care.
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Customer: replied 3 years ago.

Thank you.

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