QUESTION
What is the amount of time to disburse trust assets after an order has been filed with the court?
Asked on Nov 01st, 2012 on Estate Planning - Kentucky
More details to this question:
Final accounting has been approved, and trustee has been discharged.
12 ANSWERS
Leonard A. Kaanta
Before the trustee is dischrged.
Answered on Jun 26th, 2013 at 9:12 PM
Business Litigation Attorney serving Orange, CA
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Law Offices of Frank Granato
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Upon obtaining the final judgment, the personal representative should obtain within a reasonable time receipts from the individual who has received property through the distribution; only then can he/she obtain a discharge from personal liability.
Answered on Nov 02nd, 2012 at 4:05 PM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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Generally if such a final distribution is made almost immediately following the approval of the final accounting. Actually the trustee is not discharged until that occurs.
Answered on Nov 02nd, 2012 at 1:53 AM
The Trustee should not be discharged until all of the assets have been disbursed and that process should not take more than a month unless third parties are involved. You should consult an estate attorney to review all of the actions and advise you.
Answered on Nov 01st, 2012 at 5:58 PM
Business Planning Attorney serving Livonia, MI
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Frederick & Frederick Attorneys at Law
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There is no set time, but it should be fairly quick. I would say no more than a month at the outside.
Answered on Nov 01st, 2012 at 4:35 PM
Trusts Attorney serving Sacramento, CA
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Law Office of Victor Waid
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Within a reasonable time, 30days would be sufficient, to distribute cash assets; however some assets re distribution have withhold conditions that need to be satisfied as determined by the trust provisions.
Answered on Nov 01st, 2012 at 4:34 PM
The trustee should not have been discharged if he or she still needs to make distributions unless the order gave a certain amount of time to make the distributions and the trustee is discharged upon completion of the distributions. Why is the court involved? Are you taking about a trust or a probated estate?? Are there terms of the trust being contested?
Answered on Nov 01st, 2012 at 4:33 PM
3 Awards
Normally the Trustee is not discharged until receipts are filed with the court showing the distributions. Usually it can take 40 days to distribute from the notice of entry of order approving final accounting and distribution.
Answered on Nov 01st, 2012 at 4:33 PM
Thomas Edward Gates
The Trustee should have made distribution before they were discharged.
Answered on Nov 01st, 2012 at 4:32 PM
Tax Attorney serving Portland, OR
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Bullivant Houser Bailey PC
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It depends, but usually about 1 month.
Answered on Nov 01st, 2012 at 4:32 PM
Tax Attorney serving Naples, FL
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Henderson, Franklin, Starnes & Holt, P.A.
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Usually trusts do not have court oversight.
Answered on Nov 01st, 2012 at 3:49 PM
Gregory Thomas Taylor
There is no set time limit by law, but it must be reasonable. Additionally, if the trust document creates a time limit, it must be followed. If the delay is causing you damages, you may petition the court for an Order directing them to pay within a certain period of time (usually 10 days).
Answered on Nov 01st, 2012 at 3:43 PM