Q: My brother was the trustee of our trust and dissolved it in 2013. But now us beneficiaries got a summons on the house
He dissolved the trust saying it was broke and had no funds. Are the rest of us responsible for the loan on that house and the taxes owed? He is the only one who benefited from any of the funds or property our grandmother left. We did not have any way of knowing what he was up to.
A:
You have a two part question:
1. Unless you signed a note, you are not personally liable for the debt. Still the mortgage holder can foreclose on the property.
2. You are also not personally liable for the taxes. But if the taxes are not paid the property will be sold at a "tax sale".
If either of the above occur and they property is sold for more than the obligations, then you may entitled to share the excess proceeds.
You may be able to sue your brother for an accounting. This can be expensive but worthwhile if the estate was substantial.
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