Jump to content
pamela2

My rights as a beneficiary of a trust

Recommended Posts

You're going to need to clarify something.  Are you talking about a trust or an estate?

 

The subject header of your post refers to a trust, but the post itself refers to an "executor."

 

An executor is a person who administers the probate estate of a deceased person.  While it is not uncommon for an estate to have a related trust, trusts do not have executors.  The person who administers a trust is a trustee.  Where a trust is related to a decedent's estate, the executor and trustee could be the same person, but not necessarily.

 

Regardless of how you clarify this, there is no law that sets any specific limit on how long it takes to administer a trust or an estate.  Probate estates may be supervised by the probate court, so the court in any given case might impose a deadline, but it would be specific to the particular case.  Trusts can be court supervised, but they typically are not.  How long it takes to make distributions is a very fact-specific matter.  It could take years, or it could happen in a matter of months.  It depends on the specific language of the trust instrument and on what assets the trust owns and what debts it must pay.

Share this post


Link to post
Share on other sites

Thank you for your response.  It is a trust so the person we are speaking about would be the trustee.  Having no experience or knowledge of these topics. My best friend is asking me such questions because she herself is 1 of 3 beneficiaries regarding her deceased father's trust.  In order to supply her with a correct answer I decided to ask professionals .  

The house was sold and the widow (step-mother) has since received the check from the sale.  My friend was wondering about when she could expect to receive her percentage of the funds.  

Share this post


Link to post
Share on other sites
15 hours ago, pamela2 said:

My best friend is asking me such questions because she herself is 1 of 3 beneficiaries regarding her deceased father's trust.  In order to supply her with a correct answer I decided to ask professionals .

 

This is a little like if I asked the attorney in the office next to me about an issue my car is having:  neither of us know anything about auto mechanics.  If your friend has concerns about how the trustee is administering the trust, she should be consulting with a local attorney for advice.

 

 

15 hours ago, pamela2 said:

The house was sold and the widow (step-mother) has since received the check from the sale.

 

Ok...is the widow the trustee?  When did the sale close?  When your friend asked the trustee when she should expect to receive any money, what response did she receive?  The trustee is obviously in the best position to provide your friend with information about the administration of the trust.

 

 

15 hours ago, pamela2 said:

My friend was wondering about when she could expect to receive her percentage of the funds.

 

You seem to be assuming that it's a simple matter of the house being sold and your friend receiving a portion of the proceeds.  It might to that simple (or almost that simple), but it could be far more complicated than that.  As mentioned in my prior response, how long it takes to make distributions is a very fact-specific matter.  It could take years, or it could happen in a matter of months.  It depends on the specific language of the trust instrument and on what assets the trust owns and what debts it must pay.  At a bare minimum, the trustee will need to retain sufficient funds to deal with possible tax liability for the 2018 tax year, 

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...

×
×
  • Create New...