My aunt is the trustee of my father's will , who's money is this?

Question

I am his only child and the beneficiary my parent's got divorced when I was 9 so my mom can't inherit. My father passed away from cancer when I was 19. My aunt was named trustee. Will says she has say over what gets paid out. to beneficiary - me - 1/2 at 21 1/2 at 25. I already spent more than half. I bought a house. Legally who owns this money ?

Answer 1

If you are the sole beneficiary in the Will then the money is yours and she is simply holding the money in trust for you.

As the trustee she has authority to invest it for your benefit (which could be bonds, RRIF's, Education Funds, or yes, a house, real estate is an investment).

Also as trustee she has the authority to make payments to your or on your behalf to assist in providing you in the necessities of life, like a home, education or the like.

When you turn 25 the trust will be dissolved and you will have the authority to do what you please with the money.

If you are concerned about how she has spent any of the money you can apply for a passing of accounts where she must justify how any money is spent.

Answer 2

As trustee your aunt holds it for the beneficiary (you) under the terms of the trust. If she released half for you to buy your house, you have to wait until you turn 25 to get the rest of the money. Your aunt is the legal owner until you turn 25. You are the beneficiary and have rights, including the right to know how she has invested the assets of the trust. It does not sound like she is holding out on you.

Answer 3

Legally, your aunt has control over the money and is technically bound by the provisions of the will as to disbursement. Simply put, it's her money to hold onto for you until you reach 21 1/2, at which point you get 50%, and then she gets to hold onto the rest until you turn 25, at which time you get the other 50%. If you spent money you didn't have in your possession, your aunt is under no legal obligation to give you any more until you turn 25. Sorry, but that's the way the law reads.

Answer 4

The money is your father's until he passes. If he has a will then whom ever he states gets the money. Never ever ever spend money you don't have. Always make sure you have it in your hot little hand before spending a penny of it. You could be screwed in more ways than one. As trustee your Aunt does have say over the money. Your father gave her the right to do that and most likely gave her instructions on what to do with it. You may need to be patient and keep in good with your aunt if you haven't blown it with her already.

Answer 5

The money belongs to you, but your father set up a discretionary trust which means that trustee has the authority to distribute it with her discretion. But if the trust is to terminate when you turn 25, then it all belongs to you out right at that point. Not much you can do about getting your hands on it earlier.

Answer 6

The money is yours. Your aunt has a fiduciary duty to administer the trust as stated in the documents.

Answer 7

Your Aunt owns half until you are 21, just like your father stated in the will. She owns the other half until you are 25, just like your father stated in the will.

Answer 8

father's property owned by son kept in trust with aunt.