Legal Question in Wills and Trusts in New York
Receipt and Release
My mother recently passed away in March and part of the estate is a tax shelter trust established by my father for the children. I received a summary statement from the trust company which doesn't show fair market values of the funds and shows unexplained large gains and losses which "zero" each other out. I also received a "Receipt and Release" form to sign which basically clears the trust company and its administration of any liability. Do I have to sign this form to receive my portion of the trust?
Thank you
1 Answer from Attorneys
Trust Co. Liability Accounting
FACTS: Mother recently died; part of estate is tax shelter trust; I received summary statement from trust co.; doesn't show fair market values of funds and shows unexplained gains and losses which "zero" each other out. Also received a "Receipt and Release" form to sign which basically clears the trust company and its administration of any liability.
Q. Do I have to sign to receive my portion of trust?
A. No, you don't have to release the Trust Co. to get your share; but if you don't, the trust co. may stall or delay. You only need sign for any portion of the trust proceeds that you receive. The Trust Co. must account to you and in FL. you have six[6] months to object or waive your rights. They want proof of when you received your accounting. Bye the bye, a summary stmt. that doesn't list the assets is not a proper accting.
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