Q: Is compensation due to beneficiaries if equipment is actively being worked on job sites and earning money?
My father-in-law passed away and left his assets and business to his nephew and (2) daughter. It has been (3) years since his passing and the Trust has yet to be funded. The construction equipment has been and is currently being worked on job sites since the death of my father-in-law. However, no monies is being paid directly or indirectly either to the estate or to the beneficiaries for use of this equipment. It's all being put into the nephews personal business. What is the law in this case? Is any compensation due to beneficiaries based on the use of equipment supplied by the estate? The nephew was named the executor in his will.
A: You are going to have to go talk to an attorney to sort this out. It is quite possible that not all property is subject to the Will and the Trust. Just because someone dies with a Will and a Trust doesn't mean that all their property is going to be governed by the terms of the Will and the Trust. If property was supposed to go to someone and it hasn't, then someone needs to step in and administer the estate.
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