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| Wills, Trusts, Estates Wills, trusts, estates, gift tax planning, etc. |
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#1 |
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Living Trust Distribution
Hello,
My father passed away in 1998 and my mother in 2002. They had 3 properties all in the Living Trust. The properties are also use as Residential Care Facilities for Adult Mentally ill business. My oldest broher is the executor and my older sister runs the business. It has been almost 5 years since my mother died and my sister is holding on to the business and don't want to divide and always have excuses why not. She's making decisions without our knowledge,especially me. She is also claiming that she is 50% owner of one of the properties and showed us some type written document my father signed, without a witness or a Notary. She is residing in the property which the business is paying. We are not getting any kind of compensation from the business at all, not me anyway . The business is supposed to be a corporation. We met with a lawyer (not the Trust preparer) last year and were informed by the lawyer that at the time of my mother's death, we were supposed to open the trust and distributed amongts the three of us. I want to already divide and move on, but my sister is trying to manipulate the situation. When is the Living Trust supposed to be opened and divided? At first my brother said that since he is the executor that he has to be fair and not take sides. Lately even my brother is not informing me about anything. I asked for a teleconference, I emailed , I called and they don't respond to me. My brother comes to San Francisco from Los Angeles to take care of things and I don't even know when he is here. Right now they are in the process of refinancing and I found out the information from somebody else. I emailed them again questioning the transactions and to let them know my feelings in a very civilized way about the situation and being left in the dark. They both responded in a very negative and hurtful ways, especially my brother called me GREEDY!!! I don't think I am being greedy just because I want to be informed at all the transactions. Yes, I do want the distribution to happen so I can go on with my life, but that is not being greedy. It has been almost 5 years. What are my rights? I requested a copy of the trust and my brother said that if I wanted a copy to get it myself at the City County Recorder's office. I feel that it is part of his job as an executor to provide me a copy of the trust and other documentations that pertains to the trust. I was advised by my bestfriend to hire a lawyer, but right now, I can't really afford it. The below statement is from my brother's latest email: I repeat , you should read what is in the WILL. >It is clearly stated that the executor have the power to keep the >properties, >or maintenance of the Real Estate, or make effort to propagate the >mentioned >acquired properties in order to higher profit margin,etc. Does that mean even if it takes him 20 years to decide when he wants to distribute, that's OK? I am sorry for the lengthy message. I just need answers, if you can, please help. Thank you in advance, D1SS San Francisco, California |
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#2 |
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Top Level Member
Last Online:
Jan 6th, 2009 01:06 AM Join Date: May 2007
Posts: 696
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No--if he does not act reasonably or you totally disagree with him you may ask a court to intervene and see if the assets can released. It is often done.
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