Estate money distribution question
My father passed away late December of 2019 leaving three children as survivors.
He had zero debt, an automobile and approximately $120,000 in his checking and savings accounts.
He created a living trust years before passing away.
Being the eldest son and the only one of the children living in the state, I lived with and cared for my dad during the final year of his passing with cancer. My brother and sister both live out of town and were not able to help as much.
As a result, my fathers trust stated that I was to have his car so the only thing left to liquidate was the cash in his savings and checking accounts which I was instructed to divide equally between the three of us kids which ended up being approximately $40,000 each.
Approximately a year prior to my dads passing my father took me to his bank and put my name as co-owner on both his checking and savings accounts.
In March of 2020 I went to the bank and had cashiers checks transferred to the banks of my out of town brother and sister for a little over $40,000 dollars each.
My question is this:
* Since my father instructed me in his Living Trust to divide equally his checking and savings account among us three kids, and he made me co-owner of his bank accounts, does this mean I would need to file Form 709 showing this money as being a gift from me to my brother and sister?
This was technically my dads money, but he had to make me joint owner because my mother had passed away two years earlier.
* Secondly, will I have to pay any gift tax on this money?
Thanks for your help with this issue.