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LegalGems
LegalGems, Attorney
Category: Estate Law
Satisfied Customers: 8688
Experience:  Private Practice; Elder Law Attorney; Estate Planning; Attorney Mentor
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We have a living trust My father passed away seven years

Customer Question

We have a living trust
My father passed away seven years ago. I am named the executor
Will my name be placed on his assets ?
Submitted: 7 months ago.
Category: Estate Law
Expert:  LegalGems replied 7 months ago.

My sympathies for your loss; this is in regards ***** ***** father's estate? There was a trust and not a will? Normally the person appointed to oversee the trust is the trustee; the executor is the person that oversees the will.

Customer: replied 7 months ago.
You are correct I am the trustee
My mother was also a grantor who has passed a few days ago
Was wondering as to my fathers assets
When he passed do I assume his assets
Expert:  LegalGems replied 7 months ago.

Thank you; I am sorry to hear that you recently lost your mother also.

So the trustee takes control of the assets of the trust, and is responsible for distributing them in accordance with the terms of the trust; typically for married couples, upon the death of the first party, the surviving spouse becomes trustee and/or beneficiary of the property, then when that party passes, the property is then distributed to the heirs (often to the children). The trustee has the responsibility of distributing the assets.

For a trust (versus a will), normally it is a private process- the court is not involved unless there is some kind of dispute. If there is no dispute, then the trustee notifies creditors, pays any valid claims, then disburses the assets as directed by the trust (sometimes it directs the trustee to sell the asset and distribute the proceeds to the heirs; other times the actual property will pass directly to the heirs).

Per Alabama code 19-3b-816 the trustee may:

) collect trust property and accept or reject additions to the trust property from a settlor or any other person, including, but not being limited to, the authority to receive, collect, hold, and retain common or preferred stock or other interests in the trustee or any related party;

(2) acquire or sell property, for cash or on credit, at public or private sale;

(3) exchange, partition, or otherwise change the character of trust property;

(4) deposit trust money in an account in a regulated financial-service institution;

(5) borrow money, with or without security, and mortgage or pledge trust property for a period within or extending beyond the duration of the trust;

Most trustees will hire an attorney to assist with the distribution to ensure that everything as directed in the trust is complied with. The estate typically pays for the legal fees.

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Information provided is for educational purposes only. Consultation with a personal attorney is always recommended so your particular facts may be considered. Thank you and take care.

Expert:  LegalGems replied 7 months ago.

Hi- just checking in to see if you needed clarification on any of the above information. If so please post here (there is no additional charge for this) and I will do my best to get you the requested information.

Thank you!

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