Trading within trust account after death
I will inherit the assets in two trusts following the death of my mother last month. One is a bypass trust created when my father died, the other is in my mother's name (I am not sure if revocable trust is the correct term). Assets in both trusts were managed by a bank, with me as co-trustee.
Can the bank, either at its own discretion or at my direction, continue to buy and sell assets in the trust(s)? Or are the trusts essentially frozen now that my mother has died, and no changes can be made until after they are dissolved and I have control of the assets?
There are several different types of assets in the trusts. I will be transferring some in-kind to a brokerage account and selling others and reinvesting the proceeds (I have not decided whether to do that before or after the transfer). The bank is in the process of valuing the assets in my mother's trust as of her date of death, so that is not an issue. The cost basis for the bypass trust assets is my father's date of death.
I'm trying to get some basic information before I get in touch with the bank again.
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