Reference no: EM13178469
Juan is a widower, and a resident of Washington, with two children (ages 20 and 18). He enters into a Living Trust agreement on June 1, 2010, naming his attorney as the Trustee. He owns rental real estate in three different states, and he dutifully transfers the titles of each of the properties into his trust by deeds, which are recorded with the county recorders where the properties are located. He states in the trust that all of the rents from the properties are to be given to him during his lifetime. Upon his death the Trustee is to continue to manage the properties for the benefit of his two children, with 60% of the rental income to be distributed to them annually, with the other 40% to be invested in the stock market or bank certificates of deposit (as the Trustee determines to be best). When the youngest child turns 25, the Trustee is to distribute one-third of the total trust net worth at that time to the children. When the youngest child turns 30, the Trustee is to distribute one-half of the total trust net worth at that time to the children. And when the youngest child turns 35, the Trustee is to distribute the rest of the total trust net worth to the children
Juan also leaves a Will, dated November 1, 2010, which states: "Upon my death I want my executor to immediately give one-half of all my property to each of my two children." He names his older child as the executor of the Will.
On February 1, 2011, Juan dies. The older child opens a Probate Court action for Juan's estate, and the Will is accepted by the court as valid. The older child wants to immediately sell all the real estate and divide the proceeds between the two children. The Trustee argues that the real estate cannot be sold at this time. Who wins??
a. The Trustee of the Living Trust.
b. The Executor of the Will.
c. The Probate Court will order half the real estate to be left in the Living Trust, and half the real estate to be divided immediately between the children.
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