Legal Question in Wills and Trusts in California
Trust Estate Question
I was under the belief that one of the benefits of a Trust is that money can be accessed rather than
a probate time involved. Yet, I am told by the Trustee that for 4 months no money goes to the beneficiaries to allow for creditors and bills to be paid. 4 Months? Is this right? It is a Trust established by my father where I am 90% sole
beneficiary. The remaining 10 goes
to the Trustee. But is this an established rule? I do not see it in your data base nor anywhere else
on the web. Isnt 4 months over the top?
2 Answers from Attorneys
Re: Trust Estate Question
It takes at least 4 months to administer most simple trusts. So four months isn't necessarily over the top. There is nothing in your post that suggests the trustee is doing anything unreasonable.
That being said, I wouldn't wait much longer than 4 months before seeking more specific information regarding the delay.
Re: Trust Estate Question
A few months for the trustee to marshall and manage the assets and pay creditors is not uncommon. However, if this is a straightforward trust, it is also not uncommon for a trustee to make a preliminary distribution of money to the primary beneficiary (in this case you).
There is also a potential conflict here as your post indicates that the trustee is also a 10% beneficiary.
Please give me a call if you would like to discuss this matter.
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