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Arizona Trust - settlor died, successor trustee was a "friend&quo…

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Arizona Trust - settlor died...
Arizona Trust - settlor died, successor trustee was a "friend". There were 4 beneficiaries of specific bequests of $500,000 each which was to be distributed after 30 days from settlor's death on 8/23/11. Trustee was removed by court order for using trust funds for his own purpose and a new trustee appointed. No distributions were made.
Is there legal support the beneficiary can utilize to support a request for interest on the undistributed funds? There is support in the probate section of the Arizona Revised Statutes, but no mention about interest in the trust section.
Submitted: 3 years ago.Category: Estate Law
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5/28/2015
Estate Lawyer: Law Educator, Esq., Attorney replied 3 years ago
Law Educator, Esq.
Category: Estate Law
Satisfied Customers: 125,292
Experience: Experienced in Trust and Succession Law, including Louisiana Laws
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Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.
You have to hire a local attorney and you would have to sue the trust and the trustee who took the money personally to try to get the money back and get the new trustee to make distribution of the trust. It is something you have to take them to court. Interest is "judicial interest" which is paid on these matters from the date you file a legal action to collect. It is not specifically addressed in the statute, but the the interest rate be set to the lesser of 10 percent per annum or at a rate per annum that is equal to one percent plus the prime rate per annum as of the date of judgment, but not on the trust until a judgment is entered unless specifically provided for by trust.
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Customer reply replied 3 years ago
I am disappointed in this response. My specific question was "is there legal support the beneficiary can utilize to support a request for interest on the undistributed funds"?
I did not ask about filing a lawsuit and certainly did not ask how the interest is calculated.There does not appear to be a statute to cover this issue regarding a trust. There is a statute in the probate section. But my "logic" is that this issue may have come up before in Arizona and there may be a ruling/court case to support a claim for interest.
Estate Lawyer: Law Educator, Esq., Attorney replied 3 years ago
Thank you for your reply and clarifying what you are asking.
After searching the case law in Arizona, the only interest provided for in an trust distribution would be the interest the money in the trust accounts accrues prior to distribution, which is income of the trust and is added to the trust value. Unless the trust says otherwise, the distribution of a trust is solely at the discretion of the trustee and judgment interest would be all that is due.
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