Estate Law Questions? Ask an Estate Lawyer.
I am the trustee of my uncles Trust and he has passed away. My mom is receiving 50% of all assets of the trust the other 50% will be split 7 ways between my cousins. I have already given my mom some of the liquid cash and will be dispersing funds to my cousin's in the near future. Is it a problem that I have already dispersed some funds to my mother from the legal standpoint or am I okay? I live in and the trust is in California.......
Your trust documents usually outlines rules and regulations for what you can do, but there should not be an issue with disbursing to your mom at this point. Just be sure to factor it into the remaining trust assets.
Thank you for your answer to be more specific I already have a trust attorney and my concern was letting them know what I have done because they told me after the fact not to disperse any funds independently and that they should all be done at once to be fair to everyone. So of course this is the reason I reach out to you about the question answered here in. What I also need to clarify along the same guidelines of the question already answered:
What is a generalized percentage I can assume for taxes to be paid out of those Monies?
More importantly how is the accounting typically done does it show dates and times of transactions that must be given to all beneficiaries or can the accounting be more generalized? I ask this because if you knew my family you would understand, in other words I would rather not show specific information because my cousins are very ungrateful people.
I understand. Unfortunately I am not an accounting expert. You need to submit this to a CPA.
If you have any further questions just let me know, otherwise a positive rating of 5 stars would be greatly appreciated.