AboutAlexander J. Hay Expertise I can answer questions on trusts, wills, and specifically the use of Offshore Trusts and Companies in combination with Domestic entities to help with estate planning, tax minimization and asset protection.
Experience I am a U.S. attorney with offices in the United States and Belize. I have experience helping to protect assets, reduce taxes, and improve investment performance by utilizing global investment techniques.
Education/Credentials Harvard University, A.B. degree; University of Houston Law Center, J.D. Degree; Fulbright Scholar
Expert: Alexander J. Hay Date: 6/14/2008 Subject: debt against trust
Question As the executor of my father's trust, I have incurred over $8,000.00 in expenses out of my pocket. I'm also a beneficiary of the trust. Is it common to split the assets and then take the money owed, or take the money first and split the remainder. The difference is $4,000.00.
Answer Depending upon the terms of the trust, the debts are paid first. If you are a valid creditor of the trust, and you have paid legitimate expenses of the trust, then those expenses along with all other valid debts are paid first. Then when all debts are paid the remaining balance of the estate is distributed according to the instructions of the Trust or Will.
Good luck, and contact a local attorney preferably familiar with the estate to confirm this.
