Legal Question in Wills and Trusts in New York
Trust benefits monthly allocations
If a Trust stipulates that allocations will be paid monthly, are such payments retroactive to time of death? If so, does that mean that a lump sum will be given for the first distribution?
2 Answers from Attorneys
Re: Trust benefits monthly allocations
Unless the Will specifies otherwise, the income is payable from the date of death.
It is reasonable to expect in the first distribution a lump sum for the income accumulated since death.
Re: Trust benefits monthly allocations
The answer depends upon whether the trust was a living trust (created during the decedent's lifetime), or was created under the Will. If the former, monthly allocations should be retroactive to date of death. If the latter, the first distribution should occur one month after the trust is created. You did not specify what type of trust it was.
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