Legal Question in Wills and Trusts in California
Time guide lines for a family trust
What are the time guidelines to closing a family trust? Is there a set time frame that you must close out and distribute all funds from the estate?
2 Answers from Attorneys
Re: Time guide lines for a family trust
There are no guidelines, other than a reasonable time based upon what is directed by the trust. You need to remember that bills need to be paid and a tax return for the trust prepared. Maximum time for some sort of distribution would be a year, unless the trust called for funds to be held in trust.
If you are a named beneficiary or potential heir, you are entitled to a copy of the trust.
Re: Time guide lines for a family trust
There are no specific timelines it will depend substantially up on the nature of the trust, what are the dispositive provisions, how long the trust is to continue after the death of the surviving grantor in the nature of the assets within the trust. These ages minimum things that you take into account along with the realistic matters of who receives the assets, their age and living situation any conditions set forth in the trust regarding that. I take it to you are either a beneficiary of the trust which has not been closed or involved in the trust in some manner.i have been practicing law in this speciality for over 30 years in the san francisco bay area and if you wish to consult with me you can contact me at 925-945-6000.