Living Will Trustee Duties
A trust written in a manner that is difficult to administer…?
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?
You said it yourself. WHEN THE TRUST TERMINATES. This is not rocket science and there is probably nothing you can do. Make your own money and stop waiting around morbidly waiting for people to die.
JCCC Board of Trustees 5-21-2009
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Your Trustee Duties: How to Dissect a Trust Contract, Prepare Form 1041, Distribute Income and Principal to Beneficiaries, and Terminate the Trust (Series 300: Retirees & Estates) $24.95 The obligations and responsibilities of trustees are laid out in this guide to working with attorneys, understanding tax procedures, and real-life examples. From completing a 1041 form to determining which financial records to pay particular attention to, this primer offers tips for every step of being a conscientious trustee. Instructions for closely reviewing a contract, taking inventory of the … |
