Posted on 05/28/2010 6:04:48 PM PDT by Monster Zero
I have a friend who stands to inherit a small amount of money that was left to her by a relative. Question is, the executor of the estate isn't communicating with her at all (last spoke on March 9th) and she's not sure what's going on.
The trust was set up in May 2009. The relative passed away last July. The executor tells her there "might be" a certain length of time that has to pass before the trust fund can be liquidated. It seems like the executor was being deliberately vague, but assuming this length of time is a year, for whatever investments to mature, which does sound plausible...
Does this mean a year from the time the trust was established, (May 2009), or a year from the time her relative passed away, which was July 2009?
Of course I/she understands this will probably vary depending on the fund this trust is invested into. She tells me that the dude who set it up for her invested it in "low risk" bond fund of some kind.
Comments invited.
BTW, she is the "secondary executor" or whatever it's called in case something happens to the executor.
/johnny
If the primary executor turns up missing your friends problem disappears (just sayin).
Everything may be in the up and up but vagueness on the part of the executor is not a good sign.
Do NOT wait a year.
obtain licensed counsel.
Yep. Find a good estate lawyer who has had courtroom experience.
Tell her to go to the courthouse and ask to see the probate file, then read the trust language in the will. Or maybe it’s a living trust if there was estate planning.
If she’s a spendthrift or incompetent she may have to wait a while.
To find out what she wants to know isn’t that difficult. All she has to do is read what her auntie/grannie had the lawyer draft: the trust language. If the trustee isn’t doing her job, then go see a lawyer. Chances are good his/her fees are paid by the estate.
Friend needs to talk with a probate attorney. Wills, trusts, inheritance laws are state specific.
No idea what state you are in, but around here most trusts are settled in 6 months or less. Wills in 12-18 months. Hence trusts more efficient, and co$t less in taxes. But most don’t have trusts unless estate is $300K or higher.
Some say get an attorney. I say, your friend should have had one already if there is no communication from executor.
HAHA! Good one. Missed that on the first pass!
Your friend should have received something in writing from the executor regarding her inheritance. She can go to the county where the relative’s will was filed and ask to get a copy of it. Then take that will to an estate planning attorney to review the trust terms. It is possible that there were not enough assets in the estate to fund the trust or perhaps the assets have not been liquidated yet. Either way, an estate planning attorney can tell her the straight story.
These sites are a great start in your quest for information.
http://www.estatesettler.com/What_are_executor_responsibilities_-4489.html
http://www.executorsresource.com/docs/RoleofanExecutorERWebsite.pdf
For instance one of my executors was a family CPA along with my daughter...The CPA could take a larger stipend because of her education and experience...but all stipends must be reasonable...
Like she could not claim 1/2 for her work...maybe she doesn't even know she can do this....I wouldn't be the one to tell her, its up to her to know what she can and cannot do....don't know if this helps at all...GG
It also depends on how much is in the trust, a small one or a large trust...
Does your friend have a copy of the trust? (Assume yes since she is the secondary executor). A decent lawyer should be able to explain what is going on.
i’m in a similar situation & I haven’t a clue as to what to do,too.
Problem, if the lawyer was shit and they are out there the trust may be very vague.
I went to another lawyer about 10 years after I set up the trust to make a few adjustment...that SOB rewrote the trust and wanted me to sign it....told him I would take it home and read it, I did and went up for an appointment and called him some nasty names and told him to point out where I gave him the authority to totally change the original trust....he was an ass hole but finally made out 3 codicils to the original trust which is what I wanted in the first place....Don't f*** with my money and think I am stupid...
Better yet, if you know the name of the lawyer that wrote the trust you might be able to call him....Some are shifty as hell....The lawyer that wrote my trust was a close friend of a friend...he later was appointed to head the probate area in the county court...
If things start to look hinkey, you can get yourself a lawyer, but not a general lawyer, one that deals only with estates and trusts...
A lot depends on how many waves you want to raise...
My trust states that all property and IRA's held are to liquidated and the moneys dispersed as written equally between my children.....
I had one daughter in law that was the type to try to screw things up. (son's first wife) so I set it up so that if any of my children died before me, the money was to be held by the executive until grandchild reached the age of 25. Kept daughter in law from getting any thing. It would not go to her but my son's children when they reached 25 years of age....I figured 19 was too young to have the money in their position....
Lots of things to be considered in doing a will and trust...also had a durable power of attorney for health care decisions if need be, and no artificial means to keep me alive...NO MACHINES...and spelled it out to the 2 children involved and ask them if they would have any problems making that decision....if so, I would change the durable power of attorney...didn't want them to try an make a decision they might not be able to carry out...
Another thing the original attorney had me do was sign the bottom of each page of the trust....to keep anyone from putting in the trust any page I didn't OK...
But drawing up a trust is just the beginning, you then have to deposit all those items into the trust...In other words fund the trust....
I don't know if you could petition the court for a copy of the trust...(cost money, but depends on how much money we are talking about) could be worth while, but only the people involved can make that decision...
My memory has go to heck in a bushel basket, there was something else I wanted to mention, but forgot it by the time I got to the end of this reply.....hope that helps...
OK it just returned to my memory, I put in the trust and will that if any of the adult children try to contest the trust or will they will be dis-inherited and their part of the trust to be divided with the remaining children....In legaleese, you cross every T and dot every I...I had a good lawyer...
The jerk lawyer told me that he rewrote the trust because it original was VERBOSE...I informed him that was what I wanted, to cross all T and dot all I.
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