Legal Question in Wills and Trusts in California
Time limit to collect Estate Asset?
I am executor/trustee of my Mother's small estate. She has a a retirement plan who only fund at the begining of each year. Since she worked a few weeks in Jan. '04, they will not send her money until the beginning of '05. Since no beneficiary is named, is the money (approx. $3500) added to the summary probate? If so, do I have to wait until I recieve that money in '05 to move forward?
2. Her home is in a living trust. Can I sell her house right away and distribute those funds while I wait to close the estate in '05? The will/trust beneficiaries are her 6 children, equally.
3. Am I crazy to think I can do this without hiring an attorney?
Thank you for this service. I was thrilled to find you.
2 Answers from Attorneys
Re: Time limit to collect Estate Asset?
With no beneficiary of the retirement plan named, you probably would be using the small estate declaration process to get the funds next year.
You can sell the house as trustee now, and can distribute the funds, but don't do distributions without knowing the bills and claims the estate may owe first, as you're responsible personally for any losses or for paying bills/claims even if the money's been distributed.
You can do this without a lawyer, but I'd suggest using one--with so many beneficiaries, the chances for something unexpected are greater, and the risk to you is greater. A lawyer can help with ensuring the right notices/time limits are met, and help limit your liability as trustee when possible. With most trust administrations, the lawyer fees should be a very small percentage of the estate, so with the costs being spread among the beneficiaries, it will seem fairly inexpensive.
Re: Time limit to collect Estate Asset?
If you decide to proceed with out an attorney, and just FYI, there are many books on the market designed to assist individuals who are given the responsibility of trust administration. Amazon.com lists several.
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