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How long does it take to settle a trust and what can I do if it isn't done in a reasonable time?
How long it takes to settle a Trust after the Creator or Grantor dies depends on what needs to be done. It might take a few months, and it might take much longer. If the Trustee has to value and sell numerous assets, if several creditors have made demands on the Trust, or if there is a complicated tax situation, the process can take some time.
If you are the Beneficiary of a Trust that has not been settled in a reasonable time, you do have remedies. It’s possible in this kind of situation for one or more Beneficiaries to go to court to ask to have the Trustee replaced or to force the Trustee to act, but this might not be a good idea unless the situation is very serious. You need to make sure that the Trustee really is acting unreasonably, because the court will only remove a Trustee chosen by the Grantor if the Trustee has really acted badly or negligently. If the Trustee successfully defends against an attempt to remove him/her, the costs of the defense can be taken out of the Trust assets, including your share, and the dispute will slow down the settlement of the Trust even more.
Disputes over the time it takes to settle a Trust or an estate often arise among family members. For example, if one sibling has been named Trustee, the others might think he or she isn’t resolving the Trust fast enough, or a Trust estate may seem cut and dried and the Beneficiaries may get impatient when things aren’t resolved quickly.
Handling an estate after the death of a parent or other close relative is often a burdensome and thankless task. Sometimes there are a lot of odds and ends to deal with, including bills to pay, papers to go through, and assets and claims to reduce to cash.
At the same time there often is sadness and a sense of loss. Some people cope by keeping the estate open as a way of not coming to grips with the finality of the death. Family members go through their grief in different time frames, and it does not mean that the one who takes less time loved the deceased less, or the one who takes longer loved him or her more.
When relatives call in an effort to speed along the person selected to handle the matter, even for the best of reasons, resentment often creeps in, which can set up a counter reaction and drag things out further. If this happens to you, make it clear to the person acting as Trustee that you also miss your loved one and appreciate the grief the Trustee is feeling; you know that there is work involved, you recognize what the Trustee has been doing on the estate, and you know that it is a burden. You might offer to assist with the burden or suggest that he or she get a professional (using the assets of the estate to pay) to take some of the burden off. |
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How long does it take to settle a trust and what can I do if it isn't done in a reasonable time?
What is a trust?
What are some of the different forms of trusts?
How is a trust helpful in estate planning?
What is a ‘trust agreement’ or a ‘declaration of trust’?
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