The answer varies based on a number of different issues, the facts of which are not included in your summary. There may be taxes that need to be paid or creditors whose claims must be dealt with. There may be assets that need to be sold or maintained, and a reserve established to deal with such things.
As to your question on appraisals, this is generally a good idea. Without an appraisal, the trustee opens him/herself up to claims of mismanagement.
The trust may also have provisions dealing with when distributions can take place.
If you have concerns that things may not be being managed and administered appropriately, then you should contact an attorney and have him/her review the trust agreement.
James Frederick
Adron Wilbur BeeneIntellectual Property Law AttorneySan Jose, CA ·
With a trust, the starting rule is what does the trust say. the trustee had a duty to manage the assets and pay taxes etc. But there is also a duty to distribute. if the trustee is dragging for no reason you may need to bring an action to compel distribution.