Property in a trust

[kmiller]

When my parents passed, they left the family house in a trust to me and my two brothers. How do I declare it in a California filing? It is paid off, can they go after it, since I only own 1/3? If it is in a trust, do I need to declare it?

Thanks

[SunshineGal]

I believe there is a section on the Statement of Financial Affairs regarding property owned by a trust. If you have equity in the house make sure you use a good lawyer.

[AngelinaCat]

Are you a trustee of the trust, or just a beneficiary?

[AngelinaCatHub]

It depends upon how the Trust is worded. If it is an irrevocable Trust, paid out yearly, I doubt you could be damaged. We have a CRUT, (C heritable Remainder UnitTrust) that could not be impeached. It gave us a yearly stipend. If this house is paid for but in a Trust, how do you prosper or can you? It really depends on the wording of this Trust so as above stated, you need advice by a lawyer or at least read the wording, It also depends upon the value of the Trust once disbursed. If the wording states that the Trust cannot be sub-divided, it would probably be abandoned. Too much trouble for the value. 'Hub

[kmiller]

Beneficiary