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  1. #1
    jff
    jff is offline Junior Member
    Join Date
    Jul 2005
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    1

    time limit to disburse trust funds?

    What is the name of your state?Virginia

    My mother passed in February of 2003. She devised a living trust which declared my sister and myself as sole beneficiaries.

    Because of advanced Altzheimer's, she suffered from mild dementia. My father assisted in the creation of both their trusts and because he did not want an outside trustee (bank) to administer their trusts he named my sister trustee of his trust as well as my mother's. He passed one year before my mother. She was unaware of this arrangement, but probabaly would have approved.

    The issue at hand: while my sister has followed most of the terms which she agreed to when signing the trust agreement for co-trusteeship, although she has not disbursed all the personal assets left, including cash . The problem is, I don't believe she has made a vigorous effort to sell the house or time-shares.There are no encumberances on any assets. I do not know what the original values of the trusts were, and do not know what is left after two cash disbursements. I think there is still a substantial amount of cash left in the trust.Taxes have supposedly been paid for the amount of assets not protected under tax statute.

    The house has been rented for 18 months now tosome of her colleagues . The house failed to sell initially although offers were made. I was not consulted abouta possible reduction of price. Now she again claims the market in the area for homes in the general appraised value is still "soft."

    I think all this may be an effort on her part to "self-deal"by waiting for an impossible sale price to be obtained. That, or she is playing chicken with me to see if I would eventually sell my share to her at a lower price . Is there a "time-limit" in Virginia which makes a ttrustee disburse a trust by a certain date or time after the trustor's passing? Could this go on forever? The property is not her's, it is the trusts', right? IF THE ESTATE HAD GONE THROUGH PROBATE, WOULD tHAVE BEEN A TOTAL DISTRIBUTION BY NOW? Who checks the bookeeping and activities of the trustee in a livivng trust, and veries everything is done correctly, as in probate where the state requires the executor to "swear" to the accuracy of their administrative activities? Thanks.
    Last edited by jff; 07-27-2005 at 03:40 PM.
  2. #2
    Dandy Don is offline Senior Member
    Join Date
    Apr 2002
    Posts
    9,495
    You should be talking to a local trust attorney to find out your rights as a beneficiary--many states allow you to receive a copy of the trust AND an accounting statement so that at least you know the value of the trust.

    The trust is supposed to be begin being managed/disbursed soon after the death, so the attorney can advise you if there is a time limit in your state--it seems like she is delaying out of ignorance or out of spite so that you won't get your share--but she also doesn't get her share either if she does nothing.

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