Do new Property Managers owe a pro-rated credit to the previous Property Managers for Homeowner&#039

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    • #388535
      Anonymous
      Inactive

      This is confusing: My dad died in 2003. The Living Trust specified that his wife (not my mother) would have control of all his assets until her death, and then at that time all remaining assets would go to his surviving children. His wife (my stepmother) just passed on January 5, 2012. My dad owned a rental property, so my stepmother was collecting rent and was responsible for all property taxes and homeowner’s insurance payments while she was still alive. Now that she passed away, the rental property needs to be reconciled and handed over from the A Trustees (my stepmother & her family) to the B Trust (me and my family).

      Here is the issue: Homeowner’s Insurance was paid April 5th 2011 by the A Trust to cover the home through April 5th 2012. Should this be considered “money spent” since it was paid in April 2011 when the A Trust had control of the assets and rental income, etc?… Or does the B Trust owe a “prorated” amount back to the A Trust (my stepmother’s family) for the 3 months of homeowner’s insurance that covers Jan 5th, 2012 (stepmother’s death date) through April 5th 2012 (policy end date)?

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