Are there any time limitations for filing documents regarding distribution of assets from a Trust or Will?

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Are there any time limitations for filing documents regarding distribution of assets from a Trust or Will?

My father passed away almost 3 years ago (mother several years earlier). Everything was basically left for my sister and I to split. There is a house, shares of a few properties and several investments involved. My sister is the Trustee. Unfortunately, she is the type that never hurries things along (I’ve had to give her a push a few times and even requested documents/statements so that I could do the research). The property tax on the house is low due to Prop 13 (not sure if it would be reassessed if any deed changes were made).

Asked on August 30, 2011 California

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 12 years ago | Contributor

Different states in this country have different requirements for the administration of a trust estate from a time perspective as a suggestion, but there is no hard time period to do so. The issue pushing the closing of an estate is whether or not there will be any income taxes and estate taxes due under state and federal law.

The longer an estate continues undistributed, the more tax returns for each year the estate continues existing will need to be filed requiring more work and expenditures of money for these returns.

If your sister needs assistance getting the trust estate adminsitsered, you should offer to asisst her. To transfer real property formerly belonging to your parents into the names of the trust's beneficiaries in California, all that needs to be done is obtain certified copies of your parents' death certificates and attach them to an affidavit of successor trustee signed before a notary public and record it on the property stating that under the name of the designated trust the named beneficiary is now its owner.

I suggest your sister retain a wills and trust attorney to assist in getting the trust administered and closed out.

Good luck.


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