A trust can remain open for up to 21 years after the death of anyone living at the time the trust is created, but most trusts end when the trustor dies and the assets are distributed immediately. If the beneficiary is a minor, then the trust might dictate that they not receive their inheritance until they have reached a certain age. If the beneficiary is an incompetent person, then they might receive funds from the trust until they die.
Does An Executor Have To Show Accounting To Beneficiaries?
In general, an executor will not be required to show accounting to the beneficiaries. However, if the trust requires the executor to provide a yearly accounting to them, then they must do so. Prior to the termination of the trust, the executor will have to give the beneficiaries a final accounting showing where the assets went.
Is It Difficult To Contest A Trust?
It is very difficult to contest a trust, but it can be done by showing that the person who made the trust was incompetent to make the trust or was forced or coerced by someone to make the trust.
Can A Non-Beneficiary Contest A Trust?
A person who is not named in a trust has no standing to contest that trust, which means that a non-beneficiary would not be able to contest a trust.
How Long Do You Have To Contest A Trust?
A trust can be contested up until it is settled or terminated.
Does A Will Ever Override A Trust?
A will never overrides a trust because a will and a trust are two separate things. A will deals with property that is still owned by the deceased person, while the property that a trust owns does not go through a probate and is not subject to any will.
How Long Does The Executor Of A Will Have To Settle An Estate?
In South Carolina, an executor has 10 years from the date of death to file a will and go for a probate. If it is not done within that time period, then a probate case cannot be opened. Any party who has an interest in the assets of the deceased can file what is called a determination of heirs, after which a judge would look at all of the records, decide how the assets would have passed when the deceased was still alive, and decide how the assets should pass.
Can An Executor Of A Will Sell Property Without All Beneficiaries Approving?
An executor of a will can sell property without all beneficiaries approving if the will itself gives them the power to sell property. Another way that the executor can sell property without all beneficiaries approving is by filing a petition with the probate court asking the judge to approve a sale. If the judge approves it, then obtaining permission from the beneficiaries would not be necessary.
What Happens If The Executor Does Not Probate A Will?
An executor has 10 years from the date of death to probate the will. If the executor does not probate the will within that 10-year period, then an interested party can petition the court to open the probate estate without the executor. This often happens if there is a creditor of the deceased. The creditor will file with the court to ask the court to open a probate so that the debts can be paid. After 10 years, any interested party will have to file a determination of heirs with the court to settle the property and other assets in the estate.
For more information on Timeline Of Trust Remaining Open After Death, a free case evaluation is your next best step. Get the information and legal answers you are seeking by calling (864) 271-7940 today.