When can I expect the distribution of a Trust that I am a beneficiary of?
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When can I expect the distribution of a Trust that I am a beneficiary of?
I am a beneficiary in my deceased loved one’s revocable Trust; they passed away about a year and a half ago. I was told by a family member that I was named as a beneficiary, however I never received any notice so I contacted the lawyer handling the Trust. I was told that in fact I was a beneficiary but that no distributions can be made until the estate is settled. Since that time I have heard nothing more so I recently contacted the lawyer for an update. He told me that they are waiting for finalization with respect to tax payments before making any final distributions. Should I get a lawyer or is this a normal procedure for the handling of a revocable Trust?
Asked on September 25, 2014 under Estate Planning, Maine
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 9 years ago | Contributor
I am so sorry for your loss. If the estate was large and had many assets then you can expect a longer wait time for distribution. And it is true that the Trustee should make all payments to creditors and file taxes prior to making any distribution. Generally speaking, the Trustee should have filed a yearly accounting so you can indeed ask for that. And it never hurts to have an attorney review the final paperwork before you sign on the dotted line. Good luck.
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