Q My mom set up a trust for me and my sister is my trustee. Mom had worked with an attorney and a money manager for the past 20 plus years and my sister was supposed to continue to work with them as my trustee. She did at first, but now she has changed to another lawyer and to her own money manager. Neither the new lawyer nor the money guy will talk with me. I feel like I am iced out of knowing what is going on with the trust that my mom set up for me! What gives?

A Your sister, as trustee, should be open with you about the workings of the trust and provide you with information when you request it. You are entitled to information about the assets of your trust, the performance of the investments and what expenses are paid and income received by the trust. However, unless the trust your mom set up specifically states that your sister must work with this lawyer or that money manager, your sister, as trustee, has the authority to choose the professionals she works with in the ongoing management of your trust.

Remember that the lawyer, tax preparer and other professionals, including the money manager, work for your sister, in her capacity as trustee. By law, they cannot engage with you or provide you with advice or information unless she has given them permission to do so. While attorneys will almost never speak with a beneficiary, money managers will, but only if your sister approves of it.

If you are asking your sister about the investments and she is not providing information, ask her to arrange a meeting between you, your sister and the money manager so you can ask your questions. This is a reasonable request. However, an attorney engaged to counsel a trustee will almost never speak with a beneficiary and, if they do, they will not give the beneficiary legal advice. If you have questions about the trust, your rights under the trust or if you feel your sister is not performing her duties, you should engage your own attorney who can review the trust and give you advice.

Q The trust my parents left states that we are supposed to get our shares “as soon as possible” after their death. The trustee is telling me that it will be at least four months before we will receive the money and the delay is “for your own good.” This is absurd. I need the money for medical bills and other unexpected expenses. Should I contact an attorney to make her give us our money “as soon as possible” like they directed?

A While trust administration is usually faster than a probate, we always tell beneficiaries that it may take six to nine months to settle a trust. Despite what the language in the trust says, the reason for a four-month delay before your trustee can give you funds is most likely due to the 120-day “contest period.” When a trustee steps in, they are required to send out a “Notification of Trustee” to heirs and this notification triggers a 120-day period during which someone could bring a trust contest. And yes, this is for your protection.

Say your parents did their trust two decades ago but a few months or years before they died, they executed a new trust — one that you or the trustee are unaware of. This new trust gives the money to a different group of people or charities. The trustee sends out the notification stating that the “known” trust is being administered and will be distributed according to its terms. If the 120-day period goes by and no one presents the new trust, then the one that you know of is now essentially “bullet proof” and cannot be challenged.

If the trustee does not send out the notification and, instead, distributes all the money, the beneficiaries of the “new” trust could come forward and reclaim the assets you have already been given. Imagine the litigation! Your parents were clear they did not want any delays but the trustee is protecting you, the trust and herself by sending the notification and letting the contest period expire.

Liza Horvath has over 30 years of experience in the estate planning and trust fields and is the president of Monterey Trust Management, a financial and trust management company. This is not intended to be legal or tax advice. If you have a question call (831)646-5262 or email liza@montereytrust.com