In 2007 I sold my mother's home for $340,000 secondary to her entry into assisted living due to the start of dementia. There was a trust in place established by my father to administer most of her financial assets. The home was not in the trust and in the will it was to be given to me as the only child. She gave me the funds from the sale of the home, but then after the trust representative talked to her, she asked me to return the funds, which I did. She told me that the funds would be given to me at her death and the trust representative deposited the funds into the trust account.
My mother died in December 2012 and I have not been given the $340,000. Am I legally entitled to receive the $340,000 now? The money has not been kept in a separate account, but appears to have been merged in with the overall trust assets of farm land, cash, and the securities. Is this correct and standard trust practice?
Also, the value of the real estate
, i.e. farm land, in the trust (about 50% of the overall trust) suddenly dropped in value by 65% after an appraisal was done. I was told by the trust that they had been using the tax values on the real estate, but now since the land was being liquidated, the market values from the appraisal were the values. Is this a standard trust practice to use tax values in lieu of market values to determine the value of the trust and the switch to the market values when the property is sold?
Before the January 2013 appraisal the trust was valued at $4.6 million using the real estate tax values. Now, its valued at $2.4 million using the market value of the January 2013 real estate appraisal. Shouldn't the trustee done a better job here of showing the most accurate "true" value? I feel misled and misinformed after reviewing those trust reports for the past 6 years. Anything that i can do about it?