Q: Hi, Can a partial cash distribution be done from a trust with both cash and a home in Florida?
The trust has 4 beneficiaries and I am trying to figure out if I have the right to a portion of the cash before the home sells or if I have to wait for the home to sell to receive any payment.
A: If you are a trustee in Florida, I would recommend that you consult with a probate and trust attorney before you make any distributions. If the trust is in another state but with real estate in Florida, you may need to consult with an attorney in the state in which the trust is being administered. Partial distributions in equal amounts to the beneficiaries is permissible, but you should have legal advice to make sure that there are not other debts or expenses to be paid such as past due income taxes or final expenses before you make any distributions. An attorney can also help you by preparing receipts and releases for the beneficiaries to sign when they receive their distributions.
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.