Q: 1) Land in the AZ desert worth about $3500. His surviving spouse's income (only Social Security) is about 1/4 of ...
their Joint income prior to his death. Because she (trustor/trustee) is accustomed to a higher standard of living, can she keep the money from the sale of the land? Or is she required by law to split it among his $20,000+ credit card debtors?
A:
In situations involving the distribution of assets and debts after someone's death, it is important to consider the specific laws of the jurisdiction involved, as they can vary. Typically, when a person passes away, their debts are generally paid out of their estate before any remaining assets are distributed to beneficiaries or heirs.
If the surviving spouse is the trustor/trustee, they may have certain rights and responsibilities outlined in the trust document. However, it is important to review the specific terms of the trust and consult with a legal professional to understand the obligations and rights associated with it.
A: A lawyer would have to read the terms of the trust in your particular situation. Your question is akin to saying, “There is a car in front of my house. Who owns it?” The trust will say who owns the real estate and if there are any restrictions on what the owner can do with the real estate. If there are no restrictions and she owns it, she can do whatever she wants with it. If there are restrictions in the trust, she must follow the terms in the trust. Hope that helps!
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