My deceased GRANDFATHER set up a trust that is to to be administered once my GRANDMOTHER passes. Upon my MOTHER's passing, the trust is to terminate and then be divided amongst myself and my cousins. The trust is written in a way that I think will be very difficult to administer while my mother is still living. It says that that the bank, who is the trustee, can basically decide whether or not to pay to any of the living grandchildren, with no duty of equalization, and not taking into consideration, funds available. The bank seems to have sole discretion of whether or not to allow beneficiary distributions.
I would think that the bank, a large corporation, not being obligated to make disbursements and enjoying ongoing management fees, would simply not make any distributions until the trust terminates. This would mean that myself and my cousins would not likely see any of the money until my mother passes. Does this seem correct? Any opinions on what should or could be done?
2007-02-16
15:43:33
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2 answers
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asked by
Rob
1
in
Business & Finance
➔ Personal Finance