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legallysound
legallysound, Attorney
Category: Estate Law
Satisfied Customers: 1333
Experience:  Over 12 years of practical experience in Estate Planning, Trust and Probate law.
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what is the time limit for a trustee/executrix to settle an

Resolved Question:

what is the time limit for a trustee/executrix to settle an estate which includes real estate which must be sold in los angeles california
Submitted: 5 years ago.
Category: Estate Law
Expert:  legallysound replied 5 years ago.

Thank you for using JustAnswer.

 

Is this a Trust that owns the real property? Is there also a Will that must be probated?

Thanks!

 

Customer: replied 5 years ago.
Hi, The real property is in the trust of my deceased Mother. She died October 25, 2008. There is a will. There is no need for probate. My Sister is the trustee. At this time she has not listed the property for sale and her reason is that the housing market is too poor at the time. I told her that it's not going to get better within a reasonable length of time and I believe that she should discount the property and sell it as fast as is possible. Sorry if that's more info than you need. Thank you for your question. Kathy
Expert:  legallysound replied 5 years ago.

No apologies needed. I like more information rather than less (most people offer less and assume I read minds --- wish I could)

 

First, I am sorry for your loss.

 

Trusts in California are much more flexible than Wills, which are subject to probate procedure once a probate is filed. Your sister can move as fast or slow as she likes, but cannot simply sit and do nothing. In other words, unless the trust dictates specifics about a timeline in which the trust must be terminated and distributed, a "reasonable time" is presumed.

 

As trustee, she could lease the property or market it for sale. Most trustees who are also children of the decedent will take into account their siblings wishes, but need not. I agree with you that the market here in California is likely not going to improve significantlly in the near future. Most experts believe there is still another 10% downslide ahead of us. Please feel free to ask any follow-up question you might have. Thanks!

 

legallysound, Attorney
Category: Estate Law
Satisfied Customers: 1333
Experience: Over 12 years of practical experience in Estate Planning, Trust and Probate law.
legallysound and 3 other Estate Law Specialists are ready to help you

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