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  1. #1

    Default Limitations on Trustee's Distribution of Proceeds of Real Estate Sales

    My question involves estate proceedings in the state of: Ca
    My fathers Trust involves a strange specific term which tells the Trustee that "if" and "whenever" he decides to sell properties in the trust, the proceeds of the sale(s) can "only" go to a home mortgage of a benificiary which must be at least 5 years old . If no mortgage exisit at the time of sale(s) , the money is to be placed into a trust fund for him/her until a mortgage does exisit . The Trustee is my fathers friend and there is no comunication at all with with him . My questions can go all day due to no details to go with that statement . What if a mortgage of $50,000 exisits and the payout after sale(s) goes to each benificiaries mortgage company and that is $500,000 total , there would be a balance of $450,000 , where would that balance go ? Or what if I have no mortgage and never want one , would a payout ever come even after the trustee dies, ( and there is no alternate) ?
    What would be the best way to go about this ,if any ? Thanks .

  2. #2
    Join Date
    Jan 2006
    Posts
    38,535

    Default Re: The Trust States a Specific Term , a Very Strange One

    What would be the best way to go about this ,if any ? Thanks
    if it's a revocable trust, ask your father. If it's an irrevocable trust, as an attorney to review the entire trust document.

  3. #3

    Default Re: The Trust States a Specific Term , a Very Strange One

    The trust is Irrevocable , sorry forgot to add my father had passed away a few years ago . Where would the assets go when the Trustee passes away ? Would the terms of the trust just continue on ? Thanks.

  4. #4
    Join Date
    Jan 2006
    Posts
    38,535

    Default Re: The Trust States a Specific Term , a Very Strange One

    You have to read the trust documents but generally, a trust does not exist simply because some particular person is the trustee. As such, usually, if a trustee dies, there will be a new trustee appointed and life continues.

    a trustee is simply a person that directs the activities of the trust. They are bound to act according to the trust documents. Granted, those can be pretty lax sometimes and the trustee has a lot of latitude in their decisions though.

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