Is there a time limit to pay a beneficiary upon the settlement of a trust?
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Is there a time limit to pay a beneficiary upon the settlement of a trust?
My uncle had a living trust dated 7 years ago. Then 10 months ago he passed away. The surviving trustee has not paid of today and recently sent a letter indicating the hundreds of thousands dollars were gone. In this letter he requests the beneficiaries to sign off a disclaimer of interest. In the trust besides the money there is real estate. What is the procedure to obtain what the trustee was to distribute?
Asked on July 25, 2011 California
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
I am so sorry for your loss. I have to say that it does sound as if your Uncle had quite a large estate and that it may be complicated to administer and ultimately distribute and that can be time consuming. But I would not sign anything unless and until an attorney that represents your interest looks at it. Now, if you do believe that the trustee - who is a fiduciary - has breached their fiduciary duty in either failing to account or in any other way, you can bring an action against them in their capacity as fiduciary. It is my understanding that the time frame in which to do this is short. In other words the Statute of Limitations is short. SO seek legal help as soon as you can. Good luck.
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