My siblings and I are recipients of a irrevocable trust (comprised of stock) setup by my grandfather. Under the terms of the trust my father can collect all of the interest generated by the trust. Upon my father’s death the trust is to be dissolved and dispersed to the beneficiaries. My father has passed and death certificate has been provided to the trust company. How much time does the trust company / bank have to disperse the trust? It has been over a month and they claim that they are still working on it. My reading on the internet has lead me to believe that the process should only take several days. The trust company says that it will take several weeks. It has been over a month. What legal steps can we take to force the trust company to disperse the trust?
Estate Planning Attorney
There is no one answer to this question: it depends on the nature of the investments and liquidity issues. If the assets are all in a cash fund or bank account, surely a couple of days is enough. If there is real estate restricted deposit accounts or the like, it could take much longer.
Has the trust company provided a statement showing the nature and amount of the assets? That would go a long way to assuring they are acting appropriately ... a certified letter asking for an accounting and distribution is the next appropriate step if that hasn't already been done. I'd strongly suggest contacting a local attorney to insure you're doing this right!