the trust states that the benificiaries arent to recieve anything until the youngest child turns 25, but are trying to take control of assets
2007-11-04 04:46:58 · 5 answers · asked by becks 1 in Business & Finance ➔ Insurance
the trustee is required to follow the terms of the Trust as set up by whomever created it, unless and until he has been relieved of doing so by a competent court (or the person who set up the Trust changes the terms in writing).
your language leads me to believe that this particular trust was set up in the Will of a person now deceased. His/her death makes it impossible to ask whether the terms can and should be changed in this particular case [for this particular reason] which they are assumed to have known (the attorney who drew up the Will told them).
As Trustee, you are required to defend the Trust from actions such as you describe, AND are permitted to use Trust assets to hire attorneys, etc. to defend the integrity of the Trust.
2007-11-04 05:08:23 · answer #1 · answered by Spock (rhp) 7 · 2⤊ 0⤋
This is governed by the Uniform Prudent Investor Act which was adopted without modification in most states.
http://www.law.upenn.edu/bll/archives/ulc/fnact99/1990s/upia94.htm
If the trustee is violating the terms of the trust, your first step should be to find a new trustee.
2007-11-05 02:21:53 · answer #2 · answered by aaron p 5 · 0⤊ 0⤋
The trustee has to follow the rules set by the trust.
Their duty is to the trust, not the beneficiaries.
2007-11-04 07:26:35 · answer #3 · answered by Anonymous 7 · 0⤊ 0⤋
There are ways to make this happen. Upon death you can build a trust that buys single premium anuities payable on their 25th birthdate. I suggest making such irrovocable.
2007-11-04 05:11:38 · answer #4 · answered by Dimples_in_NJ 3 · 0⤊ 1⤋
They cannot do this and your lawyer will ensure it...they don't have a leg to stand on.
2007-11-04 04:51:31 · answer #5 · answered by pissy_old_lady 7 · 0⤊ 0⤋