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LegalGems
LegalGems, Attorney
Category: Estate Law
Satisfied Customers: 10484
Experience:  Private Practice; Elder Law Attorney; Estate Planning; Attorney Mentor
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I am a succesor trustee and in trying to do doing a

Customer Question

I am a succesor trustee and in trying to do doing a accounting of the trust by myself. first before my auntie passed I held on to 30.000.00 from her savings account to pay for funeral and legal fees that might come up.I was told by the bank where her trust is held that it could be months before I was able to access the trust. Now that I am at the stage in administration of accounting and there is 20.000.00 lift from the holdings how do I account for this money.
JA: Estate laws vary by state. What state are you in?
Customer: washington state
JA: What documents or supporting evidence do you have?
Customer: what do you mean? I have receipts for all money that went out
JA: Anything else you want the lawyer to know before I connect you?
Customer: no
Submitted: 1 month ago.
Category: Estate Law
Expert:  LegalGems replied 1 month ago.

Hello! I will be reviewing your question and posting a response momentarily; if you have any follow up questions please respond here. Thanks!

Expert:  LegalGems replied 1 month ago.

My sympathies for your loss;

can you please clarify the following-

and there is 20.000.00 lift from the holdings how do I account for this money.

$20,000 was spent on expenses, correct?

Customer: replied 1 month ago.
no 20.000.00 lift over
Customer: replied 1 month ago.
no 20.000.00 is lift over
Expert:  LegalGems replied 1 month ago.

So to be clear, the trustee distributed $20,000 more than the estate had available? Did a check bounce?

Customer: replied 1 month ago.
this has nothing to do with cks. how do I account for the extra 20.000.00 that was not needed for my aunts funeral as i am working on the accounting of funds
Expert:  LegalGems replied 1 month ago.

The accounting will show any disbursements made; if there is a $20,000 surplus that would be distributed to the heirs.
I'm not sure what you mean by "lift"

Is there an additional $20K remaining in the estate account after all expenses were paid?

Customer: replied 1 month ago.
There is 279k in her trust right now. the 20k is not in the trust and i guess I need to put it in but maybe the 20K needs to be probated???. How do i explain this in my accounting
Expert:  LegalGems replied 1 month ago.

There are 2 separate legal "boxes".

One is the trust, and that includes all of the property that is held in trust (ie real estate held in the trust's name, bank accounts held in the trust's name, etc)

That requires its own accounting.

Then for non trust property, that property would be probated, and that requires a separate accounting that is filed with the probate court.
A trust accounting need not be filed with the court unless it is challenged.

Customer: replied 1 month ago.
the amount is a large amount 20k so without a pour over will<should i put it into the trust or start a probate/
Expert:  LegalGems replied 1 month ago.

One cannot put non trust funds into a trust after the trust becomes irrevocable; as such the non trust funds would generally be probated unless they pass by operation of law to a named beneficiary (ie pay on death account).

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Expert:  LegalGems replied 1 month ago.

Hello again; just checking in to see how things worked out;

If you have no further questions a positive rating is most appreciated (at no additional cost to you) and allows the site to credit my account for the time spent assisting you!

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Thanks!

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