anyone know how long it takes after someone dies to recieve your inheritance if its in a trust?

Question

My dad died last week and i thought he had a will but now my aunt tells me its a trust and she will contact me at a later date. i want to know how a trust really works and how long will it takes before i will recieve my money i dont mean
to seem unsensitive but i was just curious because i am broke!!!!!!!!!!!

Answer 1

It depends on the type and instructions of the trust. There are Living Trusts, Revocable and Irrevocable - this is important to know. It can be left to one or several people/agencies with different stipulations including age to disperse, increments to disperse etc. Depending on your age and the State you live in your Aunt should supply you with a copy of the trust (usually a Will accompanies a trust - or it should) so you know what exactly it says and can make sure it is followed through. If you are underage, she may be the Trustee for you until a certain time,someone else, or a bank or other agency.....it just all depends on the Trust instructions and validity of it (notarized, witnessed, etc.) and you should have a copy to analyze and get on with things. You (and/or your siblings if any, or any others of his choice) may be delt out in full or in yearly type increments - also depends on what the trust is invested in as to disbursement - stocks, bonds, cd's, bank accounts.....you need an attorney to help you with the getting on with the instructions of the Trust and probate of your Father's estate and to know what exactly were his wishes . My Mom died in September and the trust was fully disbursed within about a month, however, I was Trustee and Beneficiary of both Will and Revocable Trust.
Any life insurance policy with you as beneficiary should be made payable immediately - ie. receive the payment within 10 days of sending certified death certificate. Good Luck. Sounds like you need to get your Aunt to provide the full information (if you are of legal age) before you can move on.....

Answer 2

This is different state to state. But in Maryland The executor has to file a final accounting after 90 days but before 120 days after the death. Then taxes are determined and taken out. Then a notice has to be placed in a business newspaper that specializes in publishing legal notices (the state does this even though you have to pay for it up front) This will allow any creditors to make a claim if one exits. Then there is a waiting period of 6 months before the inheritance can be handed out. So in my state the minimum time is 9 months if everything works out the first time.

Answer 3

The will must be presented to the probate court so that an order will be issued for the partition of the estate and distribution to the heirs per Rules of Court. The period depends upon the trial of the case. If there is no opposition, inheritance could be distributed within three (3) months.

Answer 4

My friend is dealing with the same thing and she was told that she will get a check with in 2 or 3 months. It really depends on how many people are in the will and if there was a will at all!

Answer 5

It could take up to two years. One is more typical. There is a process in which your dad's financial affairs will be examined, debts paid, assets consolidated...