I was willed money in a trust fund when I was 17 but cannot get it till i'm 25... i'm 21 now. There's also a house in my trust- the trustee and my lawyer both tell me the moneys running out. Wheres it going? I have a meeting with them and would like to know some good questions to ask (just in case Ive missed any)
2007-05-10 01:43:15 · 7 answers · asked by MissCapone 1 in Politics & Government ➔ Law & Ethics
the house has been paid for for about 30 years- no mortgage
2007-05-10 01:50:20 · update #1
tell the lawyer to stop giving him self a raise
2007-05-10 01:46:50 · answer #1 · answered by 0matix0 4 · 1⤊ 1⤋
You have the right to ask for an itemized accounting of all expenses paid out as a result of the lawyers handling your trust fund from the beginning of it.
I would ask for a "certified accounting" of all expenses going back as far as eight years ago when the trust fund was established together with what assests, etc. were included in the trust fund that was set up at that time.
By "certified accounting" I mean where a CPA has actually certified that all of the figures are correct and/or accounted for!
But make no bones about it! Trust funds are usually expensive to maintain and manage - especially if there is property involved.
Good Luck!
2007-05-10 01:59:57 · answer #2 · answered by Anonymous · 0⤊ 0⤋
If the house was not paid for then the money might be going to make payments. Even if it is paid for then there are still payements for insurance + property tax.
Find out if this is the case. Otherwise, where is the money going? Demand real answers from them (someone once said 'the only honest lawyer is a dead lawyer'). If the money is going to make payments on the house then you shouldn't worry - because that means the house will be more paid off, which means that you can either sell it and get more profit, or keep it, and have it paid off sooner.
If the money is going anywhere else, find out where, and see if you can do anything about it.
Good luck!
2007-05-10 01:49:02 · answer #3 · answered by Joe M 5 · 0⤊ 0⤋
Ask for an accounting of both receipts and disbursements for the trust fund. You should also be able to review a copy of the will which established the trust.
Be prepared to do a "cash flow analysis" of the trust. On a month-by-month basis, analyze the income and expenses of the trust. Even if the house has no mortgage against it, there are other expenses such as real estate taxes, insurance, utilities, and the like. The investment income may not be sufficient to pay such charges.
The next question will be whether or not there is a possibility to terminate the trust NOW rather than waiting until you are 25 years of age. The trust instrument may contain language which could permit the early termination of the trust. If there is no language in the trust insturment providing for early termination of the trust, there may be a provision for early termination of the trust in your state's laws. In the state of Pennsylvania, one may terminate a trust for "failure of the purpose of the trust." 20 Consolidated Pennsylvania Statutes, § 6102.
§ 6102. Termination of trusts.
(a) Failure of original purpose.-The court having jurisdiction of a trust heretofore or hereafter created, regardless of any spendthrift or similar provision therein, in its discretion may terminate such trust in whole or in part, or make an allowance from principal to one or more beneficiaries provided the court after hearing is satisfied that the original purpose of the conveyor cannot be carried out or is impractical of fulfillment and that the termination, partial termination, or allowance more nearly approximates the intention of the conveyor, and notice is given to all parties in interest or to their duly appointed fiduciaries.
(b) Distribution of terminated trust.-Whenever the court shall decree termination or partial termination of a trust under the provisions of this section, it shall thereupon order such distribution of the principal or undistributed income as it deems proper and as nearly as possible in conformity with the conveyor's intention.
(c) Other powers.-Nothing in this section shall limit any powers of the court to terminate or reform a trust under existing law.
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This requires the preparation of a petition to the Orphans Court prepared by your attorney or the attorney for the trust.
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Your state law may provide for the early termination of a trust. Talk to a local lawyer to find out.
2007-05-10 02:49:06 · answer #4 · answered by Mark 7 · 0⤊ 0⤋
ASK FOR A LIST OF ALL YOUR EXPENSES TO KNOW EXACLY HOW MUCH HAD YOU SPENT AND IF IT MADE SENCE..... MONEY WHEN IN THE BANK ACUMULATES INTEREST SO LOOK INTO THAT TOO. ASK FOR COPIES OF PAYMENTS RELATED TO LAWYER FEES AND SALARY( YOU NEED TO KNOW HOW MUCH THEY ARE GETTING PAY FOR THEIR SERVICES IN CASE THEY ARE TAKING YOUR MONEY... IF THEY HAD BEEN SOMEBODY ELSE BESIDES THEM ADMINISTRATING YOUR MONEY MAKE SURE THAT YOU ALSO GET AN ESTAMENT OF ALL THE MONEY SPENT BY THAT PERSON....... AS LONG AS YOU HAVE DETAILS OF HOW YOUR MONEY HAS BEEN MANAGE YOU WILL KNOW IF THEY ARE RIGHT, BUT MAKE SURE THAT EVERYTHING IS ACCURATE AND THAT IT HAS BEEN DONE IN A LEGAL WAY....
2007-05-10 01:55:22 · answer #5 · answered by BUTTERFLY 4 · 0⤊ 0⤋
Confidential information Bank does not provide.
2016-05-19 21:42:55 · answer #6 · answered by ? 3 · 0⤊ 0⤋
ask him how to spell handling
2007-05-10 01:46:22 · answer #7 · answered by cliftonstewart11 2 · 0⤊ 3⤋