QuestioningWife
Junior Member
What is the name of your state? California
My mother in law passed away on 7/23/05 with a pretty straightforward living trust and will. All that was in the trust was her home, bank accounts, T-bills and saving bonds. My brother in law has stalled on filing the required tax papers saying it was better for his personal taxes to disburse the money after the first of '06. Now that it is '06, he has given approximately $30,000 to my husband, still without filing any tax returns on the trust. All total, the trust will amount, with the sale of the house, about 1.5 million.
What is the time line for disbursement if there is no need for probate? And his latest idea is to keep the money in the T-bills and just disburse the interest. Is any of this legal? Another question my husband and I have is that he has been ill over the past year, and what happens to his share of the trust if it is not disbursed prior to his death? Does it revert to the brother or I am entitled to it as the surviving wife?
My mother in law passed away on 7/23/05 with a pretty straightforward living trust and will. All that was in the trust was her home, bank accounts, T-bills and saving bonds. My brother in law has stalled on filing the required tax papers saying it was better for his personal taxes to disburse the money after the first of '06. Now that it is '06, he has given approximately $30,000 to my husband, still without filing any tax returns on the trust. All total, the trust will amount, with the sale of the house, about 1.5 million.
What is the time line for disbursement if there is no need for probate? And his latest idea is to keep the money in the T-bills and just disburse the interest. Is any of this legal? Another question my husband and I have is that he has been ill over the past year, and what happens to his share of the trust if it is not disbursed prior to his death? Does it revert to the brother or I am entitled to it as the surviving wife?