Legal Question in Wills and Trusts in California
Heirs Rights
How long does the executor of an estate have to pay out the heirs? The majority of the estate has gone to the executor, however, there are two large sums of money in the living trust to be given to family members. These family members have yet to have any accounting of the trust. The executor is believed to be living on the living trust's money taking lavish vacations, yet, continues to say she must liquidate items before she can pay off the other two heirs.
2 Answers from Attorneys
Re: Heirs Rights
There is no set rule, it depends on the asset structure, size of estate, outstanding debts, probate court, estate tax considerations, etc. Large estates can take years to pay out. That being said: If you believe the executor is acting inappropriatly/embezzling and it has been some time without accounting or reckoning(over a year), I would contact an attorney ASAP.
Re: Heirs Rights
If the heirs believe that the trustee is misusing trust funds, they have the right to demand an accounting of the trustee's spending, and if the trustee fails to provide it or provides an inadequate accounting, they can go to court to require an accounting or remove the trustee.
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