I am set to receive payment for an inheritance from a living trust. The executor has received the death certificates and has complete control, yet is not making any payments. The account for the estate has enough money to make the payments stated in the trust. When is the executor required to make payments?
Answer
The Successor Trustee of the Living Trust has a fiduciary responsibility to fully account for property, payment of estate expenses, and, ultimately, distribution of remaining estate property.
Depending on the circumstances, the Trustee will be expected to discharge duties in a reasonable manner. Payment of estate expenses, medical costs, and certain other payments defined in the Trust may take precedence over distribution of remaining property. So, you may be best served by direct contact with the ST to understand the timetable and any obstacles to payment.
Answer
The Trustee has no mandatory time limit, but must make distributions when it is reasonable to do so. Since so many factors could impact a Trustee's decision, no lawyer will be very helpful to you without further information. I'd be happy to discuss this further with you at no charge. Feel free to give me a call.
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