Legal Question in Wills and Trusts in New York

Trust

A man's sister has died. The deceased has left money to her survivors. However, a portion of the money in the estate is to be placed into a trust fund account for the deceased's surviving sister. Is there a specific length of time that must pass (after the death has occured) before the trust fund account can be established.


Asked on 4/24/05, 8:44 pm

2 Answers from Attorneys
Walter LeVine Walter D. LeVine, Esq.

Re: Trust

While there is no specified time, depending upon the complexity of the estate it could be done in a few months. All the extecutor needs to do is see all debts and expenses are paid, any death taxes reported and paid, final income tax returns filed, etc. When this is done, he can arrange to distribute the estate, close it out with the Surrogate and create the trust account.

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Answered on 4/25/05, 10:29 am
David Slater David P. Slater, Esq.

Re: Trust

The executor must distribute the estate as soon as reasonably possible. The trustee of the trust must make sure it is done.

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Answered on 4/24/05, 9:07 pm


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