What is the name of your state? NH, but the Trust is in FL
Thank you in advance to any who respond.
My sister is Co-Trustee for a sizable Trust, of which I am 1/6th beneficiary. The Trust has been in effect for 13 months with no distributions because of significant Estate Tax liability and the fact that many of the assets were in real estate and this is a difficult market in which to liquidate.
I have made several official requests to my sister for a list of the Trust Assets (denied on the basis that our father didn't want anyone but the lawyer to know the actual assets) and copies of the Estate Tax assessment (never responded). On May 2, I made an official request for a Trust Accounting and informed her all of the requirements she must satisfy under Florida Statute. She keeps putting me off on the Accounting, telling me that it will come "soon".
This sister has now just sent me a release form to sign and made it clear that I must sign it today before receiving any money. It states:
The undersigned, as a beneficiary of the XXXXX Revocable Trust, hereby agrees that upon distribution to the undersigned of the amount of $XXXXXX, that the undersigned hereby releases the Trustees of the said Trust from any and all liability, which might arise out of the administration of the Trust by the Trustees for any and all acts of the Trustees up to the date hereof.
My questions are: 1) What happens to my money if I refuse to sign the above release? Up until now, I didn't know if my sister was corrupt or just disorganized. This seems to state that I can only receive my inheritance if I release her from any wrongdoing, even if it intentional. Am I reading this correctly? Or is this just a standard release?
2) My copy of the Trust (minus the Schedule A which listed the assets) states that it is an "Irrevocable Trust". I thought that the "Revocable Trust" ended upon his death. Am I mistaken?
I have an email out to the other Trustee and a call into my lawyer, but I don't know if I will be able to speak to either one of them in a timely manner.
I am sorry for the long post, but I wanted to included all relevant facts. Thank you for all responses.