QUESTION
Can I gain complete control of my trust fund?
Asked on Jun 05th, 2013 on Estate Planning - Illinois
More details to this question:
I have a trust fund and the rules state they can only help me with college tuition, books, etc., but the president of the trust department at my bank where my fund is more lenient with my brother than he is me. I’m an expecting mother and I would like complete control of my trust fund to provide for my new family. I would like to bring my child into this world with a stable life. I don’t have a vehicle and the house I live in is falling apart. I can assure everyone I am not going to waste my money, I would just like to have all the necessary means to properly raise my child.
18 ANSWERS
That all depends on what the trust says, particularly regarding the amount of discretion given to the trustee on making distributions. I suggest that you review the trust document with a good trust lawyer.
Answered on Jun 07th, 2013 at 12:35 AM
Commercial Contracts Attorney serving Boise, ID
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Peters Law, PLLC
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I doubt you will get full control. However, you can ask the trustees to spend some of the money to make your house habitable, etc.
Answered on Jun 07th, 2013 at 12:33 AM
Probate Attorney serving Newport, OR
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Minor, Bandonis & Haggerty P.C.
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You might be able to petition the court for a modification of the trust. To fully answer your question, someone would have to review the actual trust document.
Answered on Jun 07th, 2013 at 12:25 AM
Estate Planning Attorney serving San Francisco, CA
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Ernest J. Kim
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Without looking at a complete copy of the trust instrument, no attorney can answer your question completely. You need to have the trust reviewed by a trust and estates attorney as soon as possible. Also, if you feel the bank/trustee is not dealing with you fairly, that also needs to be the topic of a consultation with an attorney. Many beneficiaries who don't get proper legal advice end up not getting the full benefits of the trust funds. The trust terms will be the first place to look, to see what expenses can or cannot be covered from the trust funds, and you will also need to check into what the trust says about a "contest" or challenge to the trust before you decide what steps to take to try to gain more control over the trust funds. Many trusts have no-contest clauses that could be triggered by an attempt to "take over" the trust funds from the trustee. Be cautious and make sure you have appropriate legal advice before proceeding. We have had many situations resolved where we simply needed to point out to the Trustee their duties under the trust, and correct their interpretation of trust terms so that they were more advantageous to the beneficiary's situation. Please see an attorney right away.
Answered on Jun 07th, 2013 at 12:06 AM
The short answer to your question is, no. The terms of the trust control and guide the actions of the trustee. However, you should have an attorney who specializes in trusts read the trust with you. You will want to examine the trust to see if you have any power to request distributions for specific purposes and to replace the trustee. Additionally, trustees cannot act arbitrarily or capriciously. When you meet with the attorney that question can be examined further as well.
Answered on Jun 06th, 2013 at 11:18 AM
Bankruptcy Attorney serving Henderson, NV
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Jeffrey A. Cogan Chartered, a PLLC
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It really depends on what the terms are in the trust. After you are done with college or never go to college, where does the money go? No one can answer your question until they review the trust.
Answered on Jun 06th, 2013 at 11:18 AM
Probate Attorney serving New Orleans, LA
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James G. Maguire
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The trustee has to abide by the terms of the trust. If the trust provides only for educational benefits, that's all they can be used for.
Answered on Jun 06th, 2013 at 11:17 AM
Estate Planning Attorney serving Wilmington, DE
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Reger Rizzo & Darnall, LLP
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It all depends on the terms of the Trust.
Answered on Jun 06th, 2013 at 11:17 AM
3 Awards
Probably not. You could hire an attorney to review the terms of the trust, but from what you describe in your inquiry, you would not be eligible to receive the assets or control. n
Answered on Jun 06th, 2013 at 12:51 AM
Bankruptcy Attorney serving Florissant, MO
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Law Offices of Thomas Corcoran Phipps
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You should send a letter to the president and tell him what you want. If he refuses to to that, you need to contact an attorney and discuss going to probate court to try to get the bank to let you withdraw funds from the trust.
Answered on Jun 06th, 2013 at 12:34 AM
Trusts Attorney serving Sacramento, CA
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Law Office of Victor Waid
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You are advised to contact a probate lawyer who has experience in modification of trust funds by filing petitions into probate court to seek the modifications; the lawyer will need a copy of the trust document governing your funds.; The provisions of the trust agreement may prevent the bank from dispensing more funds to you than you desire.
Answered on Jun 05th, 2013 at 11:59 PM
Elder Law Attorney serving Hollister, CA
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Charles R. Perry
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Probably not. It does not sound like the trustee has done anything sufficiently unreasonable to warrant his removal. It also does not sound like you could use the money to provide for your child, pursuant to the terms of the trust, even if you were the trustee.
Answered on Jun 05th, 2013 at 11:53 PM
Thomas Edward Gates
Sorry, the terms of the Trust controls. If the Trustee is miss managing the Trust, you can get them removed.
Answered on Jun 05th, 2013 at 10:34 PM
2 Awards
Don't waste time on a website like this. Sit down with an attorney and review the terms of your trust, what the trustee is doing and how the trustee is favoring your brother. There are no guarantees the outcome will be in your favor but I can guarantee no one in this forum can help you without exploring the trust itself.
Answered on Jun 05th, 2013 at 10:28 PM
Business Planning Attorney serving Livonia, MI
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Frederick & Frederick Attorneys at Law
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The likelihood of this happening depends on the trustee and the terms of the trust. In most cases, a court is not going to second guess the intent of the grantor.
Answered on Jun 05th, 2013 at 10:01 PM
Business Law Attorney serving Livonia, MI
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Gerald A. Bagazinski
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Contact an attorney who can negotiate with the bank trust department. If not you can go to court.
Answered on Jun 05th, 2013 at 9:55 PM
A trust is established to provide income over a period of time. You can petition a court to allow you greater access to your trust fund but courts are hesitant to alter a trust for anything other than a real emergency. It is very unlikely that you would be allowed access to the entire trust.
Answered on Jun 05th, 2013 at 9:49 PM
Probate Attorney serving Palatine, IL
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Law Offices of Robert H. Glorch
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The terms of the trust generally control, so if they say that you don't have control then that probably can't be changed. But you should have a copy of the trust and assert your need to funds as provided by the terms. The trustee generally has a duty of impartiality, so if he is treating beneficiaries differently without reasonable cause, then you might have recourse.
Answered on Jun 05th, 2013 at 9:29 PM