[WSBAPT] Specific bequest of income producing property

[Kristina devore]

Listmates,

I’m reviewing a trust where the Trustor made a specific gift of a condo that has tenants and is producing income.  The Trust provides that the successor Trustee is to administer the estate and pay all expenses and debts and then distribute the estate.  The beneficiary wants the condo distributed immediately because it is producing income and he wants to make sure that he is getting all of the income accruing since the date of Trustor’s death.  (It has been one month since Trustor’s death.)

My questions are 1) what time frame does the successor Trustee have to distribute the assets?  I’ve advised that until the successor trustee can get a good idea of the total assets and total liabilities, she shouldn’t distribute anything.  And 2) does all the income from the date of death from this specifically devised property belong to the beneficiary or does it belong to the trust estate and become available to share in the cost of administration of the estate?

Thanks in advance for any words of wisdom!

Kristina





Kristina S. DeVore | Attorney & Counselor at Law
KRISTINA DEVORE LAW FIRM, pllc | 201 NE Park Plaza Dr., Ste., 290 | Vancouver, WA  98684
Phone: (360) 695-0535 | Fax (360) 737-4154 | Kristina at devore-law.com




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