Legal Question in Wills and Trusts in California
When's there is a trust involved and it's a basic format, only involving 2 siblings, the house has been sold. How long should it take to distribute the funds. Is there a max/ min time limit? My fathers death was 8 months ago.
Asked on 6/10/15, 6:05 am
1 Answer from Attorneys
Len Tillem
Tillem McNichol & Brown
There are several factors. First, the trustee is likely to wait until 120 days have passed since the Probate Code section 16061.7 notice is mailed.
Second, the beneficiaries are entitled to an accounting - if they don't waive the accounting then the trustee should hire a bookkeeper to do one.
Third, a tax return must be filed, but usually that's no reason to delay distribution The trustee can retain a reserve for preparation of tax returns and payment of taxes and other expenses next year.
Answered on 6/10/15, 9:26 am
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