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Disbusrsement of Trust Issues

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ke247

Junior Member
What is the name of your state (only U.S. law)? CO for deceased

An elderly relative, (102), with no children, died recently. She was wealthy. My mother, in her 90's, received a letter at her assisted living complex, from a trustee, saying he wanted to discuss something with my mother and myself. My mother's address is unlisted, so it is odd she received it at all. The letter was also addressed with an odd address so took weeks to receive. The trustee even joked about how he put an odd address on the letter....(he repeated the initials for North, twice ????). Since my mother is under my care, I called the trustee, who informed me that my mother and I would receive an inheritance. It is small, (30 and 35K respectively). I had never received a letter, and I am on the internet and am easy to find. By the time we received the letters, my relative had been deceased over 60 days.

A few weeks passed after I spoke with the trustee, and I had not received the letters he said he would be sending so I emailed him. I asked for a copy of the Trust, as I was told I had a right to see it. He responded saying his office had sent out the letters so there was no reason to send anything else. A few days later we received letters, with w-9 forms. We only received one line of the trust document, stating the amount. We signed the forms, and returned them.

A few days later, the "settlement" department of the bank, called me and asked me (the said as a special favor), to supply the death certificates for another 2 aunts, also beneficiaries. I thought this was odd, and wondered why they would not contact the state directly. The person then told me that the inheritance's would not be arriving in the 4-6 weeks as the Trustee had said, but would not arrive till spring. I asked why, and she said they have to wait for bills.

My relative died over 2 months ago, and this is a trust. I oversaw an estate in probate, and this seemed odd to me. I asked, who was gathering the bills, and she said no one. I asked if there was an executor or personal representative, and she said no. But she also said there were assets outside the Trust.

She said there was no estate, "but they might form one". ??? I know that anyone with assets has an estate, and my relative, was savvy. She would have a will. In CO you have to file a will with the District court within 10 days of death.

The settlement person for the Trust department said the payments to beneficiaries would now not be made for months because in part, of gathering bills and to pay taxes, ???. I then asked again, if I could have a copy of the Trust, and she said _no_. She said I was not the kind of beneficiary who can see the Trust, as I am a fixed beneficiary. I read online that as a fixed beneficiary, I can view the trust, and have 120 days to contest it.

I think it is odd how the communications from the bank are not forthcoming, and those in the settlement department, (which is located in Reno, NV, not Colorado...), do not seem aware of the most rudimentary issues.

Also, at the end of the conversation, the bank settlement person said they may decide to "abate our inheritance all together". ???? It seems something like this should be in writing, not in a casual call, which I was told was only to find a death certificate for another person.

Something seems off about this whole thing. I am getting a lawyer. I wrote to the settlement office of the bank and put into writing what had been said to me. I also requested a copy of the trust, again, and the disbursements, or a reason in writing why they would not be forthcoming. Doesn't this seem odd?

I just went through another estate with my aunt, who had no children, and her guardian withheld thousands of dollars which he could not account for. So I am leary....Why are so many people in this business so unethical...

thanks in advance.
 


Dandy Don

Senior Member
It is a little bit odd--don't blame so many people for being "unethical" because that is not the exact term that applies here. Sounds like the original trustee who contacted you may be inexperienced in trust matters and may have been a bit premature in contacting you. It does take a few months to manage trust affairs and they can not tell you exactly what you will be getting until debts and taxes have been paid.

If you know where the decedent died you may want to check the county courthouse probate court to see IF a will has been filed for her but there probably isn't and she probably put all of her assets into the trust.

In the meantime you need to be checking Colorado law and Nevada law to find out if either one allows beneficiaries the right to ask for a copy of the trust, and maybe you need to wait a little bit before hiring an attorney until you find out which state is going to be applicable for the trust law--if the trust was written or is being administered in Nevada then you may need to hire a trust attorney from there to get your questions answered.

DANDY DON IN OKLAHOMA ([email protected])
 

ke247

Junior Member
re: disbursement of Trust Issues

Thanks for your reply. I talked to a Colorado lawyer. It is odd, as in CO, after death all beneficiaries have the right to view the entire trust document and receive a full accounting. And the trustee is a Senior Trust Officer with an established bank. The lawyers think it is all sounding very strange. They are now looking into it.

BTW, this will be the 2nd estate I have seen with an elderly relative with no children, whose lawyer, trust officer, or Guardian lied and stole funds. Those involved had good reputations, with established banks or legal firms. It is a sign of the times; a time of liars masquerading as upstanding people.
 

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