Q: My parents passed over 10 years ago and my sister let the Family Trust go to the state. How do I get this back.
The amount resting with the State of Ca is about $12-15K. It is a combination of Family Trust, Life insurance and stock dividends. How do I make my sister - the executor-deal with this. I have tried and tried to get her to do something, offered to help etc but she kept saying she "would get to it." I do not know if the final taxes were ever filed. Thanks
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A:
Under California law, if assets from a Family Trust have escheated to the state, you can reclaim them through the State Controller's Office. This process involves filing a claim form, which requires proof of your entitlement to these assets. The form and guidance can be found on the California State Controller's website.
Regarding the issue with your sister, the executor, you have the option to seek legal action if she is not fulfilling her duties. Executors have a fiduciary duty to manage the estate efficiently and in accordance with the law. If she is neglecting her responsibilities, a court can compel her to act or replace her.
If the final taxes for the estate haven't been filed, this needs to be addressed promptly. Failure to file estate taxes can result in penalties. You may consider consulting with a tax professional or an attorney to understand the specific steps needed to resolve this issue.
It's important to gather all relevant documents, such as the trust documents, life insurance policies, and records of the stock dividends. These will be necessary for both reclaiming the assets from the state and for any legal action you might take regarding the executor's responsibilities.
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