Legal Question in Wills and Trusts in New York

Re: Estates and Trusts

While I agree with Frank and Mitch about what must be done before final distribution, my experience also tells me that the bank may want to drag thos out as long as possible since it ontinues to earn commissions and fees until the final distribution is made. Unless this was a high-value estate/trust with either or both of Federal and/or State death taxes involved, a year is a long time to settle it. If death taxes were involved, it could take a year or more to resolve all tax issues. However, a good fiduciary should kkep you advised of what is happening and give you periodic updates. When I am the Executor and/or trustee I report to the heirs regulalrly. Of course, if you need the assets, you could request an interim distribution, if allowed under the document (Will or Trust Agreement) the bank is acting under. If you need assistance, contact me directly.

Re: Estates and Trusts

It all depends on what the trust document says. Yes, it does seem like a long time. Financial institutions often take a long time to settle the trust because they want to make absolutely sure that the trust is settled properly, and all claims are paid (i.e. income taxes, creditors, expenses), or else they might be liable for not paying them.

Re: Estates and Trusts

You use the term trust and estate interchangeably. If the "bank" is the executor of a probate estate then probate usually requires at least a year. If it is the successor trustee of a trust estate, what happens depends upon the terms of the trust. It might be both if the will established a testamentary trust. One cannot answer you question without looking into the details. You should hire an attorney to represent you in the matter.