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.
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