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  1. #1
    Join Date
    Jan 2008
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    164

    Default Should the Rental Income Be Included for Distribution in Trust

    My question involves estate proceedings in the state of: CA
    Trustor has passed away 11/2010 the remaining co-trustee's have rented out the house that in in the trust, does that count as income to the trust estate? They are about to distribute the assests and my wife gets her share of 25%. So should that amount of rent be included and be divided among the 4 beneficiaries with 25% going to all 4 including my wife who is a beneficiary in this trust?

  2. #2
    Join Date
    Sep 2011
    Location
    OH10
    Posts
    12,370

    Default Re: Should the Rental Income Be Included for Distribution in Trust

    Generally, any amount left over, after all expenses related to the house were paid, would go to the trust. A remaining balance would be distributed with other trust assets, unless the home were to be treated differently than other trust assets or was not part of the trust.
    With enough thrust, pigs fly just fine.
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  3. #3
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    71,737

    Default Re: Should the Rental Income Be Included for Distribution in Trust

    Okay... So basically you are stating that the trust has held the house for three months, and that the trustees have been renting a house held by the trust and thus owe rent money to the trust. The rent they pay into the trust belongs to the trust and, once expenses and obligations are paid, is distributed per the terms of the trust just like any other money or asset held by the trust.

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