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My father had a revocable trust for which I became trustee…

My father had a...

My father had a revocable trust for which I became trustee shortly before his death. My share of the assets is now in a descendant's trust account. I would like to use some of the money to purchase a foreclosed home at auction. The terms of the auction are that I must present cashiers checks made payable to me, a natural person, and be signed over to the County's trustee if I win the property. Does not having the cashier's checks made payable to "First Last Descendant's Trust cause it to be a distribution rather than a purchase of another asset to be held in the trust?

Lawyer's Assistant: Since estate law varies from place to place, can you tell me what state this is in?

Texas

Lawyer's Assistant: What documents or supporting evidence do you have?

In what sense? I have the original trust document, and all amendments.

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

I just want to make certain that I'm not as you might say in the corporate world "piercing the veil" and opening the trust to creditor claims that it would otherwise protect me against.

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3/23/2018
DamienJD
DamienJD, Attorney
Category: Estate Law
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Hello: My name is ***** ***** I am an attorney. Please give me a moment to review your question. I may ask some questions to clarify issues.

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Customer reply replied 3 months ago
OK. I may not have been clear, but it is important to me that the property purchased be held and titled in the name of my descendant's trust.

I was just about to ask that. Hold, please.

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If you are purchasing it as the trustee of the descendant's trust, then that will have to be clear to the County Trustee or Referee handling the auction. You may want to confirm this in advance of the auction whether it is okay for a trustee of a trust to bid on the property. If the cashier's check is in the name of the trustee, possibly someone seeing that may pause and make sure that is okay. So, you may want to make sure in advance. If as trustee, you are purchasing the property, then it would not be considered a distribution.

We can discuss this more if you want to do so.

If you have further questions or you need further assistance, just let me know.

If not, please remember to rate my answer between 3 to 5 stars without any additional costs to you. That is how I get credit for answering your question. Best regards.

DamienJD
DamienJD, Attorney
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Customer reply replied 3 months ago
My question was more to whether having the check made out to a person or entity other than the descendant's trust caused it to be a distribution.

Yes. If the check is made out to another person other than the trustee of the trust, then it would be considered a distribution.

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