How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Dwayne B. Your Own Question
Dwayne B.
Dwayne B., Attorney
Category: Estate Law
Satisfied Customers: 33404
Experience:  Estate Law Expert
Type Your Estate Law Question Here...
Dwayne B. is online now
A new question is answered every 9 seconds

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: 1 year ago.
Category: Estate Law
Expert:  Dwayne B. replied 1 year ago.

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

Customer: replied 1 year 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 1 year 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 1 year 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?

Related Estate Law Questions