How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Barrister Your Own Question
Barrister
Barrister, Attorney
Category: Estate Law
Satisfied Customers: 33769
Experience:  15 yrs estate law, real estate. Wills/Trusts/Probate
19958803
Type Your Estate Law Question Here...
Barrister is online now
A new question is answered every 9 seconds

We are being asked to sign a Receipt on Distribution form

Customer Question

We are being asked to sign a Receipt on Distribution form that acknowledges receipt of money deposited into a trust fund for our children. However, because of the way the trust was written, we are completely out of the loop with the trust; no bank statements or receipts of transactions from the bank. It seems to be asking us to confirm a transaction that we are unable to call the bank and verify. Are we misunderstanding the purpose of the form?
Submitted: 1 year ago.
Category: Estate Law
Expert:  Barrister replied 1 year ago.
Hello and welcome! My name is ***** ***** I will try my level best to help with your situation or get you to someone who can.
.
Can you tell me who is the maker of the trust?
.
Do you have a copy of the trust?
.
Who is the trustee of the trust fund?
.
Does the trust state that this money is to be transferred from the original trust to a subsequent trust set up for the children?
.
.
thanks
Barrister
Customer: replied 1 year ago.
We do have a copy of the trust. We may have to wait for my husband to get home to find it. The trust is a sprinkling trust that was established upon the death of my husband's mother from her estate as an inheritance for our two children. The trustee is my husband's brother. The trust itself is somewhat odd; funds for both girls are together in the same account, with no way to separate them.
Expert:  Barrister replied 1 year ago.
Ok, if the trust has become irrevocable due to the death of husband's mother, then any beneficiary has a legal right to a full accounting of the trust assets and inflows and outflows at least once a year, unless the trust requires more frequent reports, under the Uniform Trust Code.
.
With that said, I agree with you that I would want to see something in writing from the bank, like a deposit receipt and account number, showing that the funds had actually been deposited before I signed any release and waiver.
.
If the children are minors, then you as parents are their legal guardians and are entitled to ask for this type of proof on their behalf. The trustee of the trust can't force you to simply blindly sign a document stating that you acknowledge receipt of funds into a bank account without actually confirming that the funds were actually deposited.
.
So the letter with the attorney fees listed is just to try and scare you into signing the release without proof.
.
This sends up a huge red flag for me as there is no legitimate reason for the trustee of a trust to not respond to a request for proof or information regarding the trust because his duty is to the trust and the beneficiaries...
.
.
thanks
Barrister
Customer: replied 1 year ago.
Thank you for that. I was beginning to suspect we were being unreasonable in expecting balance/transaction information. In going through my husband's emails though, I have found a copy of a bank statement showing the required transaction that was sent up (minus the account number, however). Our current issue is mostly settled. I'll check with my husband when he gets home about the yearly statements for the girls.
Expert:  Barrister replied 1 year ago.

You are very welcome. Just remember, that the children, through you as their guardians, have the legal right to all information about any trust or trust account that they are a beneficiary of, including account numbers. And the trustee has to provide that information at least once a year, and normally within a reasonable time after a written request for info..

.

I would make it a practice of formally requesting info about the account(s) because as I said, it raises some red flags for me that the trustee is threatening legal action when asked for information about the accounts..

.

.

thanks

Barrister

Related Estate Law Questions