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Dwayne B.
Dwayne B., Attorney
Category: Estate Law
Satisfied Customers: 32154
Experience:  Estate Law Expert
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If real estate (in state of Arkansas) is set up in a trust &

Customer Question

If real estate (in state of Arkansas) is set up in a trust & one spouse dies & later the first their spouse chooses to sell property how do the trustee (children of first marriage get compensated when surviving spouse sells?
Submitted: 3 months ago.
Category: Estate Law
Expert:  Dwayne B. replied 3 months ago.

I'm not following. Who is the trustee(s)? Who are the beneficiaries?

Customer: replied 3 months ago.
My step mother never gave me a copy of my father & her will but she told at his funeral that her son & myself were the trustees & that the real estate itself is in a trust & that she had a living will. Now she has remarried (for 4 yrs) & has decided to sale the property? I suppose I have no say or recourse?
Customer: replied 3 months ago.
She has not said that we will be compensated & is now investing in other real estate from that sale which I will not be signed on w/?
Expert:  Dwayne B. replied 3 months ago.

It depends. It sounds to me like you're probably the beneficiary rather than the trustee. The trustee has to handle the trust business including filing tax returns, etc. The beneficiaries just receive the payout from the trust at whatever time the trust sets forth. That can be either periodically, when a person reaches a certain age, when a certain amount of time passes, etc. In addition, a trust can provide for one person for a while and then later switch to another person. The only way you know what it does is to actually read the trust since the language of the trust is what controls entirely.

The trustee can also sell a piece of property and then later use those funds to but another piece of property.

So, it sounds more like the other person is the trustee and that you would be a potential beneficiary. If there was a probate done you may want to look in the probate file and see if it mentions the trust. Often that happens or the probate is used to "fund" the trust.

Did you have a specific question with which I could assist?

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