Legal Question in Wills and Trusts in California
Is it too Late to Receive My Distributive Share of Family Trust
My Father died in 2003 leaving
everything (residence and American
Express IRAs, stocks, bonds, death
claim etc.) in a Family Trust to be
split equally between my brother and
myself. My brother was named the
Trustee and I second trustee. Before
my dad passed, the financial advisor
met with my brother and myself
confirming the accounts would be
split 50/50 and I was to remain in
the family home (I received a letter
confirming that meeting). After dad's
death I received, beneficiary claim
forms which I filled out and returned.
After 3 years, I received a letter
stating I was never a beneficiary the
Financial advisor had made an error.
I had to take a loan out to buy out
my brother's interest and ended up
filing bankruptcy. Bankruptcy courts
ordered my to sell the house to pay
back a hard sell 12.75% interest
loan with a balloon due in 9 months. I did receive an accounting 2 yrd/
later which I objected to in a letter to
my brother, with no response.My
brother lives in another state and has
not spoken to me. Is there anything
I can do now to receive my
distributive share ($400,000) as I
am disabled and have very limited
income. Please advise
1 Answer from Attorneys
Re: Is it too Late to Receive My Distributive Share of Family Trust
You have a complex situation with many variables and some of the facts need filling in.
You need the counsel of an experienced trust litigator. As your resources are limited, I urge you to consult with an attorney at a non-profit legal services firm in your area that serves low income persons. If they don't have someone skilled in this area of law, ask them if they would investigate whether one of the large law firms they affiliate with might provide counsel. You must do this immediately, so as not to lose any rights you might still have.
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