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RayAnswers, Attorney
Category: Estate Law
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Experience:  Texas lawyer for 30 years in Estate law
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How do I get my late husband's annuity out of the now

Customer Question

How do I get my late husband's annuity out of the now irrevocable trust and rolled over into my mutual fund?
Submitted: 1 year ago.
Category: Estate Law
Expert:  RayAnswers replied 1 year ago.

Hi and welcome to JA. Ray here to help you today.

You would have to petition the orphans court here to terminate the trust and to access the assets.The court would do this if you can show it is in the interests of the beneficiaries.You will need local trust lawyer to do so.The court would terminate the trust and authorize the trustee to do so and transfer the assets directly to the beneficiaries ownership.

This is separate from any probate of your husband's will if he had estate assets they are separate from the trust and trust assets.

Reference to the law and process.

PA has adopted the Universal Trust Code(UTA)

UTA provisions authorizing judicial trust modification, reformation and termination control in the case of a contrary provision in the trust instrument. The settlor, the trustee or a beneficiary of a trust may commence a proceeding for court approval or disapproval of a proposed trust modification or termination under the sections described, and the settlor of a charitable trust may commence a proceeding for a court modification of an administrative provision under § 7740.3(c).

Judicial Modification or Termination of a Noncharitable Irrevocable Trust (§ 7740.2; UTC § 412). A court may modify the administrative or dispositive provisions of a noncharitable irrevocable trust, make an allowance from trust principal or terminate such a trust if, “because of circumstances that apparently were not anticipated by the settlor,” trust purposes would be furthered thereby. A court may modify the administrative provisions of a noncharitable irrevocable trust if continued administration without modification would be impracticable, wasteful or impaired.

This can certainly be done through the PA orphans court where your husband deceased.

Lawyer referral for you here.

I appreciate the chance to help you today.Please let me know if you have more follow up.Thanks again.

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