Estate Law Questions? Ask an Estate Lawyer.
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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?
So to be clear, the trustee distributed $20,000 more than the estate had available? Did a check bounce?
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?
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.
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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