The amount of time it takes to settle a trust is dependent on the schedule of the court and complexity of each case. Motions practice and extensive discovery delay court proceedings. Consider using a mediator as an intermediary to attempt to limit the amount of time it takes for a trust contest to conclude. It is often cheaper and more efficient to come to an agreement outside of litigation.
A trust accounting must be made and properly reported to involved parties a minimum of once per year, with the exception of beneficiaries who have chosen to waive that right. If the trust is revocable, the trustee only needs to make a yearly accounting to the settlor, which is a person who opened the account. If the trust is irrevocable, the trustee needs to provide a yearly accounting to all of the beneficiaries, including current, contingent and remainder beneficiaries.
Probate is a court case that oversees the process of collecting and disbursing the assets of an individual’s estate once he or she has passed away. If the deceased (known from here on as the decedent) had a valid will and named someone to manage his or her estate, the court will appoint this person as executor of the estate, as long as he or she is fit to take on the role. If the decedent did not have a will, the court will appoint an administrator to fulfill the responsibilities of an executor until the case comes to an end.