How long do you have to claim your interest in a trust, this trust is in place of a will? Is there a SOL bar or laches?

Asked over 2 years ago - Lapeer, MI

How long do you have to claim your interest in a trust, this trust is in place of a will? It holds title to property? This has not done to probate? However, it has been 4 years since the individual passed and the trust (will) became effective? Can I file the Trust agreement against the property and will that protect my beneficial interest in case of a sale by the trustees??

Attorney answers (2)

  1. James P. Frederick

    Contributor Level 20

    4

    Lawyers agree

    Answered . The trust agreement determines when the property is to be distributed. In the absence of clear direction in the trust, as long as the beneficiaries are legally competent, then the property should be distributed as soon as practically possible.

    But no one can tell you your rights under a trust agreement without being able to review it in detail. There is no statute of limitations that would cancel your interest in this trust, under the circumstances you describe.

    Have the trustees otherwise been doing what they are supposed to? Does the trust say to convey the property to the beneficiaries or to sell the property and give the beneficiaries the proceeds?

    I would meet with an attorney and provide a copy of the trust. It is possible that you will need to file a petition with the probate court to compel the trustees to distribute the property, or alternatively, to remove the trustees and surcharge them for any breach of their fiduciary responsibilities.

    Best of luck to you!

    James Frederick

    *** LEGAL DISCLAIMER I am licensed to practice law in the State of Michigan and have offices in Wayne and... more
  2. Timothy Edward Kalamaros

    Contributor Level 15

    2

    Lawyers agree

    Answered . You said in a comment the asset is a business being managed. Aside then from the question of whether or not the trustees are doing their duties there is a question of proper handling of the business. This is a complicated scenario and one that suggests you had better hire a lawyer and fast. Four years gone by is a long time if you had notice of problems along the ways. Further delay will certainly not help.

    No legal representation exists by virtue of this answer. Consult your attorney. Licensed to practice law in... more

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