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Trust dispersement options sale of land years after death

T

tractormiallis

Member
This is a trust question.. I had a relative who told me he named me in his trust as one of a few beneficiaries. He was a single man, so he named his close relatives. Anyhow, he passed 12 years ago, and had named an executor unrelated. The executor, quickly after death sold his farm equipment at auction, and leased the land out. After that, nothing was ever heard from the executor for dispersing of $$. I knew my uncle well, and trusted him, and knew his worth, so I know there was $$ to disperse. In the last few months, I noticed by looking online that my uncles land was sold well below it's value, which really angers me.

So, I am thinking the executor is not doing things correctly, as the land and investment assets should have been taken care of more quickly. Is there recourse I can take against the person? It seems this is not in the best interest of beneficiaries to sell land cheaply. I just want my inheritance from my uncle and the trust closed properly. Thoughts?
 
First question, who did the executor sell the land to below the going rate? A friend or relative of his? Second question, what's in writing? Third question are the closer relatives pursuing this?
 
I don't know what sate you live in, but the will is public information, like a deed transfer would be. You can go to your local county office and get the will, to see if you are really named as a beneficiary. If so, you have plenty of legal rights to know the status of the estate.
 
Wills are public information, if they are filed with the county (which many are not), but trusts generally are not.

You need an attorney, and pronto. Preferably, about 10 years ago. But better late than never. The executor has probably appropriated your inheritance to his own benefit, and you may be too late to challenge it, under the statutes of limitation in your state.
 
Went to the court today, no will filed. This is in Michigan. The land was sold to a neighbor, the person renting it. The only relatives uncle had were his nephews and nieces, as my father and other siblings have passed.
 
I am not real familiar with trusts. Your uncle had to name the trustee(s) and they are in control. My uncle made my brother the trustee and his younger son in case my brother dies. My brother farms some of the ground and rents the rest out, some that I farmed. He would give another uncle and cousin(benificaries of the trust, I was not included) a lump sum check with no exclamation of any kind.

When someone dies that has a trust, whoever is trustee has control. Here in Il there is should be public record of who gets what at the circuit clerk. Or check with your other cousins. You could check the land transfer record of who is the trustee. I was a heir of my uncle but was not included in his trust as a benificary. He told me that I was but I knew he was lying. He always liked my brother better, 85% worth to my 0% in the final count. Maybe your uncle lied to you also.

I didn't care that he didn't like me but he never respected. That REALLY POed me.
 
I am the only one pursuing this, as I live the closest to it and we are a small family. The other beneficiaries are spread out. I spoke to the trustee/executor once after the equipment was sold and she confirmed needing addresses soon of each beneficiary. Then.. nothing was heard. Time passed, life went on, I new the land was being leased, but then seeing it sold suddenly has me ticked.

Thinking about submitting a request for the will, documentation of all expenses/financial records.. which it looks like I can legally ask for.
 
You need a lawyer to investigate this matter for you. Its too much for a person who is not trained in probate codes and procedures to do on his or her own.
 
If you are mentioned in the trust as a beneficiary, I would think you would have a legal right to know what the trust says and your percentage of what is to be liquidated at what ever time point. Sounds like stuff has been sold and procedes have not been properly liquidated, but that all comes down to how the trust reads, and wether you are mentioned in it as beneficiary. A lawyer in my area went to prison for mis-handling (I think it was) a trust. An older lady died and had left most of her assets to a church. The lawer in a nut shell didn't liquidate the funds like he was suppose to and rat holed the money for himself. If you really think there is some funny business going on, I would let a lawyer that you can trust handle it for you. The reason I say this, if you don't know the ends and outs of the law it is to easy to get fed the run around by whoever you try to seek information from. A lawyer that is up on their game will see that that don't happen and will find out what is going on with the whole thing.
 
Good question. Is there a statute of limitation?

I set a rev living trust for my kids. My property taxes, bank records, stocks all say rev. living trust on them.

Go to the court house and see who's name the property is in. I can do that by logging on the my county's home page.

Sounds like someone dropped the ball. Let me know what you find.

I'm not a lawyer, but there are other types of trusts, Living trust, where upon death the property goes to another person without selling the property. Not sure of all the details, that JT's department.
 
You ask for "Thoughts"

Like co counsel Mike, my "thoughts" are to go see an attorney ASAP and don't rely too heavy on Tractor Forum advice, mine included.

John T Country Lawyer
 
Sounds like you should have enquired about 11 years and 11 months ago.... I would not have waited so long to simply ask the trustee if i were on the list of beneficiaries or not. If you were on the list, It sounds as though the trustee has ripped you off in a big way.
 
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