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Barrister
Barrister, Attorney
Category: Estate Law
Satisfied Customers: 36561
Experience:  16 yrs estate law, real estate. Wills/Trusts/Probate
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The trustee is located in Texas;the trust was executed in

Customer Question

The trustee is located in Texas;the trust was executed in California in March 1960 with a trustee originally in California. What is the Statute, and what does it say, regarding the 45 day wait for the transfer of funds to the new beneficiary after the death of the original beneficiary?
Submitted: 11 months ago.
Category: Estate Law
Expert:  Barrister replied 11 months ago.

Hello and welcome! My name is ***** ***** I am a licensed attorney who will try my very best to help with your situation or get you to someone who can. There may be a slight delay in my responses as I research statutes or ordinances and type out an answer or reply, but rest assured, I am working on your question.

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Is this 45 day period something that is referenced in the trust itself?

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Who is telling you that there is a 45 day "waiting period" before trust assets can be disbursed to a successor beneficiary?

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thanks

Barrister

Customer: replied 11 months ago.
Nothing mentioned in the trust. Told about the 45 day wait period by the Fiduciary Specialist during conference call 7/6/16. When I asked when the date started for the 45 days, date of death[5-10-16] or their receipt of the Certificate of Death [5-30-16]
I was told the date start was the date the Fiduciary Specialist wrote the letter which had not been written as of the conference call. Maybe there is no statute, just the financial institution's policy.
Expert:  Barrister replied 11 months ago.

Ok, that is what I thought.. There is no statutory 45 day waiting period under the TX Trust Code that mandates this delay. So this would either be a specific directive in the trust itself, or is some in house policy of the trustee's company.

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With that said, I would still contact them again and ask them to send you a copy of their internal policy that outlines this requirement just to be sure as I wouldn't really take their word for it.

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thanks

Barrister

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