Posted 28 November 2012 - 02:35 PM
Posted 28 November 2012 - 02:48 PM
Posted 29 November 2012 - 06:58 AM
Posted 29 November 2012 - 08:03 AM
My grandfather passed away 3 months ago and he has a large trust that is supose to be split between my father and his sister.
Trusts have no size and cannot be "large," "small," or anything in between. I'll assume you meant to say that the trust owns substantial assets (while that would contradict your statement at the end of your post that "[t]here are no assets," as noted below, that statement doesn't make any sense). Do you have a copy of the trust instrument? If not, how is it that you know it is "supose [sic] to be split between [your] father and his sister"?
It has been 3 months and nothing has happened
Later in your post, you said that your grandfather's house was sold and the proceeds from the sale of the house "put into the trust." That's not "nothing," so what do you mean by this?
i was wondering how long it will take for my father to recieve his inheritance.
If, by "inheritance," you're referring to a distribution from the trust, the answer depends entirely on the terms of the trust instrument.
Based on your post, I'm going to guess that you don't have any real understanding what a trust is. A trust is a legal vehicle whereby a person (commonly called the trustor or settlor) grants title or ownership of certain assets to another person (the trustee) to hold for the benefit of the trustor and/or others (called the beneficiaries). In the context of estate planning, trusts are frequently used to avoid the expense and hassle of formal probate, and what commonly happens is that the trustor is also initially the trustee and holds the trust assets for his/her own benefit until he/she dies. In other words, it is, in practical effect, a complete legal fiction. When the trustor dies, someone else designated in the trust instrument becomes the trustee (or the successor trustee). What the successor trustee is then required to do depends entirely on the terms of the trust instrument (as well as the governing state law). It may be as simple as liquidating assets, paying bills, and distributing anything that's left over to the designated beneficiaries (which is what the executor of the estate would do in most cases if there were no trust). However, it could be far more complex than that.
For example, let's say that A creates a trust. A has one living parent (M) and three living siblings (X, Y, and Z). A also has one deceased sibling who has two living children (J and K). A's trust provides that, upon her death, Z becomes the successor trustee and must use the trust assets for the benefit of M until M dies, and only then may Z distribute any remaining trust assets to J, K, X, Y, and Z. Needless to say, it could be many years after A's death before J, K, X, Y, and Z see any money. And, depending on the applicable state law, J, K, X, Y, and Z might not even be entitled to notice regarding the existence or terms of the trust.
There are no assests
A trust cannot exist without assets. Moreover, if there are no assets, what "inheritance" are you talking about? If there are no assets, then there can be no "inheritance." Of course, your statement that the proceeds of the sale of your grandfather's house were "put into the trust" utterly contradicts your statement that "[t]here are no assets."
the house was sold right after he passed and that money was put into the trust.
Sold by whom?
If your father is concerned about how his father's trust is being administered, he needs to contact the trustee of the trust.
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