QUESTION
My father's will states that I'm to receive my first trust payment on or before 12/31 of the year of his death. What about probate?
Asked on Nov 16th, 2019 on Trusts and Estates - Wisconsin
More details to this question:
My father passed away in July and left me a significant amount of money that is being put in a fifteen year trust. In his will he states that my first payment is to be paid on or before December 31st of the year of his death. The executor and person in charge of the trust told me the first payment won't be paid until sometime next year because it's still in probate and yada yada. He also said he would probably wait until December 31st to make the payment. Does this sound legitimate or am I entitled to my first payment this year? Thank you so much for your time!
1 ANSWER
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It's difficult to answer without seeing all of the documents, but if there is both a probate case and a trust involved, legally speaking the trust may not have the assets until the probate case is concluded. If the trust doesn't have the assets yet, the trustee can't follow the instruction to make a payment. It might be helpful to talk with a lawyer to get some more information on how trusts and probate works.
Answered on Nov 18th, 2019 at 11:40 AM