I PIT DEATH and

The BBQ Pit
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I"ve got the Will, the two Codicils, and the Trust Document. Have talked to the lawyer (who had the Will), talked to the Trust bankers, and am still not certain of “any benefits” I’ll be getting through the Trust. The Trust and I are co-trustees. The Trust holds the condo. The interest from the IRAs in the Trust rolls back into the Trust. There is no cash, or easily-liquidated assets. I have been told to sell the condo, instead of pulling out $$$ from the Principal (for tax purposes, which, needless to say, I do not understand. I Am Not A Tax Lawyer,). I am NOT READY TO SELL THE CONDO, or my father’s treasured antiques, which in any case are held by my stepmom until her death.

I basically carjacked the vehicle; the original title could not be found, and the tags/registration were due three days after the funeral. I paid up the tags (in my father’s name - via the wonders of the internet) and put the insurance in my name (good through Oct 21, 2009). Drove said vehicle to Spokane where it is with trusted (non-blood) relatives.

Back in Anchorage now. What next.

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IANA lawyer, but I have lots of dead relatives.

Where is the lawyer? I’d say your first order of business is to ask a whole lot more questions about how to control the assets of the trust or estate. If you can’t go in person, arrange a teleconference.

If I were being told to sell the condo in this market, I’d find out why. Is the lawyer really telling you that you’re going to hit with the first of his/her legal fees in short order, and you need to sell to pay those fees?

I would use the lawyer to straighten up the legal ownership of the vehicle, so you can then maybe sell IT if you want for a quick cash supply, or make it your primary vehicle.

And then start making a list of questions to ask the lawyer. If the lawyer can’t answer some of them (about taxes or somesuch), get a referral for who to talk to for those answers.

You want to get a list of assets, including cash, stocks, property, etc. you want to know exactly what you can and can’t do with them.

You need to get a general understanding of the purpose of the trust. Is it to protect the assets until you reach some age of maturity when you might be trusted with total control? Did your dad have some larger social agenda – to establish some more permanent institution to do good works of some kind?

Make sure to communicate with other family members, and particularly any who are named in the will. One thing my sister (who administered 2 estates including one with a trust) suggested that has worked well for me, is to communicate via letter to all the heirs. Make sure everyone gets exactly the same information at the same time, unless there is some very good reason to do otherwise. You will have a much easier time dealing with family if they believe you are acting in a fair and open manner.

Those are about the only suggestions I have for the moment. Keep a note pad handy and write down questions for the lawyer as you think of them – ideas will crop up at odd times.

Oh, yes, and get paper copies of all these documents, and look through them carefully.

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Thanks, Boyo Jim … I’m asking as many questions to the Trust people & the Lawyer as I possibly can! (They’re in Chicago.) I also have a lawyer friend (though he does not specialize in Trusts) who is helping me ask the right questions (former Chicago Bar Association President). Also have a close friend who had a “Trust.” There’s plenty of people around to ask question of.

The Trust IS fixing up the car title for me. I asked them (& the lawyer / we had a three-way conference a day or so after the funeral which mostly confused me more) would it be legal to drive it … and they basically said “Very Carefully” ! So I did.

The posts will continue. They help me sort things out.