[WSBAPT] Most cost-effective approach - probate with short term trust

[G. (Gus) Benjamin Lindsey III]

Good morning,

 

I have this somewhat odd probate issue that I'm coming into late. I do not
have a lot of information because the PC is on international travel until
next week.

 

Decedent was parent of PC. Decedent's will identified PC and another sibling
as co-personal representatives for the estate. There are seven siblings in
total (I think) and the will divides the property equally among the
siblings.

 

The will called for the residue of the estate to be placed into a trust for
the benefit of decedent's children with the proceeds disbursed one year
after decedent's death. Decedent died over two years ago.

 

The estate seems to be worth about $500,000 most of which is real property.
The will appoints decedent's attorney, who also drafted the will, as the
trustee. The will makes no provisions for a successor trustee. 

 

The estate is currently in probate. It does not appear that any of the
estate, including the real property, has been transferred to the trust.  The
only remaining estate asset is the real property.  (The trust may be funded
with a small amount of money from decedent's bank account.)

 

All of the heirs are in agreement and want to  move forward with selling the
property and distributing the proceeds. The attorney/trustee is apparently
refusing to take this action. There is also a potential fee dispute related
to the trustee taking payments for estate related work. 

 

The attorney/trustee has apparently expressed a desire to resign as trustee.


 

I am trying to determine the most cost effective course of action given the
limited assets of the estate and agreement among the heirs.

 

Would a TEDRA agreement suffice or is more required to deal with the will
clause that seems to require the residue to be transferred to a trust? 

 

Thanks in advance!

 

 

Sincerely,

 

G. (Gus) Benjamin Lindsey III

Attorney-at-Law



 

The Law Office of G. Benjamin Lindsey III

2012 Grade Road, Suite 202

Lake Stevens, WA 98258

Phone:   (425) 263-9585

 

website: www.gbl3law.com <http://www.gbl3law.com/> 

 

Employment/Labor Law     Construction Law     Civil Litigation     Estate
Planning      Probate     

Business Law

 

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