my in-laws have passed away and they have a trust. There is cash in an account and 3 personal loans to grandchildren. Can the loans be considered an asset in the trust? if yes the loans do not say they are due upon death so how can they be divided up between the 3 daughters?
Answer
The trustee is responsible for administering the trust consistent with the terms of
the trust: paying expenses and distributing the residual property to beneficiaries.
If probate is involved, the personal representative also has duties. The trust could
provide that any loans will be deducted from the share of the beneficiary; regardless,
the trustee and/or personal representative should administer the estate property
according to the expressed intentions of the grantor/deceased.
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