Legal Question in Wills and Trusts in California
My Mother had a trust, she left me a rental property. She past away almost a year ago and the property hasn't been transfered to me and I haven't seen a dime of the rent. Is there a time limit on how long the trustee has to transfer the property and who is entitled to the rent income during this time?
2 Answers from Attorneys
The Trust language might provide for the timing or the disbursements. However, the trustee generally has a year to gather the information regarding the assets, notify the beneficiaries and get the assets transferred. A final tax return for the deceased needs to be filed, a new EIN number for the trust set up and an accounting done. To transfer a piece of property as long as it was properly titled in the name of the trust, the trustee files an affadavit of death of trustee to substitute the trustee's name and then can grant deed transfer it to the beneficiary or beneficiary's trust, obtianing a receipt or acknowledgement of transfer. The trustee has a fiduciary duty to accomplish these things so that the beneficiary enjoys the rights associated with the inheritance (such as rents). Sometimes, beneficiary's need an attorneys help to encourage the trustee to accomplish their duty.
The answer to your question is going to depend on the terms of the trust instrument.