Legal Question in Wills and Trusts in Illinois
How long can an attorney wait to give you trust fund money after death
My father-in-law died 10 months ago and left me a portion of a trust fund set up for me to come to me in quarterly payments. There are no probate problems and according to his lawyer all funds are fine and available. When I called him a couple of months ago he huffily told me that the firm has 8 months to get it together to disperse the funds. Now it has been 10. How long can he keep holding onto this money legally before sending me my first installment?
(I am 53 so it is not an age issue)
2 Answers from Attorneys
Re: How long can an attorney wait to give you trust fund money after death
I need more facts, and really cannot evaluate this question without a review of the entire trust document. Is the lawyer the trustee, or someone else? What does the trust say about time for disbursement? What are the terms of the trust as it relates to you? Are there other beneficiaries?
If you want the trust reviewed you need to show it to an estate attorney. If you want to show it to me, it will be a free consultation, but you will have to schedule it at 480.825.1400.
Thanks,
James D. Jenkins
Re: How long can an attorney wait to give you trust fund money after death
It is the duty of the Trustee of the trust to carry out the terms of the trust agreement. The trustee is not a party to any probate proceedings in most cases. If there is no money in the trust estate to distribute, that might be a good reason for the delay, however, there should be a good reason why the quarterly distributions have not commenced on time. You should consult with an attorney about trust administration. Do you have a copy of the trust agreement? Do you know who the trustee is?