Legal Question in Wills and Trusts in California
How long to receive my share of my deceased grandfather's trust?
My aunt is the trustee of my grandfather's trust, I'm a beneficiary. She is living in the house that is part of the trust property. Can she buy out the house so the assets of the trust can be distributed? It's already been 4 months, and she says this will take a long, long time.
3 Answers from Attorneys
Re: How long to receive my share of my deceased grandfather's trust?
It depends on the terms of the trust documents, and/or her willingness to do so. Remember that trusts generally take a minimum of 6-8 months to fully distribute.
Re: How long to receive my share of my deceased grandfather's trust?
If this is "trust property" as you state, then it will take no time at all. If the property was left to the beneficiaries via a "will" only, then the property will have to go through a court process called "probate"; this can take a long time.
Her purchase of the property is allowable if she is offering reasonable market value. However, if this is an action in probate, then the court will have to approve the sale.
This is not necessarily something you should handle on your own. We can take a look at whatever paperwork you have and give you a legal opinion of your situation. The opinion would be free of charge.
Please feel free to learn a little more about our firm as well as the probate procedure on our firm's site, No-Probate.com.
We can be reached through the site or through the contact information provided here on LawGuru.
Regards,
Scott Linden
Re: How long to receive my share of my deceased grandfather's trust?
The answer depends upon the terms of the trust. In California and most states, the law requires the Trustee to distribute copies of the trust document to each beneficiary so that they can monitor the Trustee's performance and take appropriate action to protect their interests. Most trust documents will give the Trustee a significant amount of discretion about what to sell, how to sell, and when, so as to preserve the trust estate. The "long, long time" statement should give you reason for suspicion. Demand a copy of the trust and consult a lawyer.