Legal Question in Wills and Trusts in Massachusetts
Trustee will not issue disbursements
I have posted a question earlier regarding the same topic but new questions -
To recap: My husband is excecutor to his Uncle's Will. There was a Will allowing my husband to divide property and assests among his 3 brothers and sister. The second part was a ''Trust'' not specifically a revocable or living, but just referred to as a ''Trust''. This applied to securities held with a local brokerage firm. These assets were also to be split 4 ways. In addition to the Uncle a lawyer was also a Trustee and now that Uncle has passed these investments are now in the Lawyer's name and SSN. He will not make disbursements until 2010 because in the State of MA creditors have one year to make a claim. Can we push for partial disbursements before 5/ 2010? Can we question the competency of the Trustee? He is also employed by the law firm handling the probate, estate settlement etc. Can he charge for time spent as ''Trustee of the investment account? My husband and brothers are smart people and we don't understand his refusal to make a distribution.
1 Answer from Attorneys
Re: Trustee will not issue disbursements
It sounds as though your Uncle set up what is called a Testamentary Trust, meaning that the Trust is created by the Will and becomes funded at the time of death.
Because the assets and property must pass through the estate before passing to the Trust, the attorney is probably making sure that all claims and debts are paid before making a final distribution.
It is not about being smart, this area is complicated and requires years of legal practice and training to understand.
The lawyer represents the Executor, and the Executor can fire the lawyer at any time.
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