Q: if property listed in a trust is sold prior to owner's death, does the requested division of proceeds still apply?
The property sold 5 months prior to death and proceeds were deposited in a "household account". We are being told account was not part of the trust and therefore proceeds should not be divided equally as indicated in the trust.
A:
That’s probably right. The account would only be divided according to the terms of the trust if the account were owned by the trust. If the account was in the name of the person who died, not the trust, then the trust didn’t own it and the account passes according to the terms of the account (if it’s TOD or has a payable-on-death beneficiary), or under the person’s will. If the person did not have a will, then the account will pass according to the laws of intestacy.
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