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My sister-in-law (SIL) has been assigned the trustee of my mother-in-laws (MIL) estate. My MIL passed away a year ago and my SIL has failed to take any action with regard to the trust. She has asked me to try to assist her in determining what she needs to do to meet her requirements as trustee. I am a CPA, so I don't need instructions on the tax part, just the legal parts.
Here is the situation:
1. My MIL passed away on 2/8/2012.
2. She put all of her assets in a living trust, where my SIL is the trustee
3. All assets, with exception of real property (a single family residence), was sold prior to her death
4. The real property has been rented out since her death.
5. The real property is worth about $200k, and has a $30k mortgage on it
6. There are approximately $70 in hospital bills
7. There is approximately $10k in other debts (credit cards mainly)
8. There are three beneficiaries to the trust (My wife, my SIL, and my brother-in-law).
What I need to know:
1. What does my SIL n...
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