Legal Question in Wills and Trusts in North Carolina
My father passed in Nov. 2010. My sisters were named trustee,s in his will. ? Are there time restraints as to when they should disperse the assets?
1 Answer from Attorneys
What you state is not possible. A trustee administers a trust. An executor or personal representative administers the assets of the estate if there is only a will. There are time limits - it takes on average about a year to handle eveything, but it will depend on the size and complexity of the estate.
In general, the executor gets appointed. She then files an inventory of the decedent's assets. She publishes a notice to creditors to submit their claims, if any. No disbursements should be made to the heirs until the claims are in. Generally, this can be 90 days from the time of probate. The executor also has to file final tax returns and get approval from the tax authorities that no money is owed. After this, then an accounting is filed showing what the assets were and how they are distributed. After confirmation of the final account, then the heirs can get their share. That is why it takes so long.
What you do not tell me is where your father lived at the time of his death and whether your sister has applied for probate and where she is at in the process. If she is not doing her job and its been awhile, she may have to be nudged to speed it up. If she is still not doing her job, then she can be removed. If she is doing her job properly and is waiting for claim to be filed or approval from the tax office, then you will have to wait.
What I would do is check the estate file to ensure that all is being done as it should be. Estates are matters of public records and anyone can access the file.
If this is truly a trust, then read the trust instrument or seek legal advice to know what the trust says and what rights you have to receive assets or make sure the trust is being handled properly.