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Barrister
Barrister, Attorney
Category: Estate Law
Satisfied Customers: 33757
Experience:  15 yrs estate law, real estate. Wills/Trusts/Probate
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I had a question before about an Irrevocable Trust Fund. It

Customer Question

I had a question before about an Irrevocable Trust Fund. It was a trust that was left for me by my father. Is is managed by my brother-in-law and my two sisters as the Co-trustees. I have been told that it cannot be changed, but it could be transferred to another company to manage it. I would just like to know my options.
Carolyn
Submitted: 5 months ago.
Category: Estate Law
Expert:  Barrister replied 5 months ago.

Hello and welcome! My name is ***** ***** I am a licensed attorney who will try my very best to help with your situation or get you to someone who can. There may be a slight delay in my responses as I research statutes or ordinances and type out an answer or reply, but rest assured, I am working on your question.

Expert:  Barrister replied 5 months ago.

Are you asking if the management can be changed by the trustees?

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Or something else?

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thanks

Barrister

Customer: replied 5 months ago.
Not sure. I don't get access to the money. I get a portion deposited into my personal account, and if I need extra, I have to contact my sister. It will never go to me directly, although I am almost 65.
Customer: replied 5 months ago.
I just want to know if I have any options.
Expert:  Barrister replied 5 months ago.

Ok, this is going to depend exclusively on what the trust says in it as to the powers of the trustee.. But generally the trustee has the authority to employ money managers in their discretion as long as they are acting prudently in managing the money. If they feel that one manager would do better than another, then they can change managers.

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But if the trust states that you get a certain amount or portion from the trust, then that is what the trustee is obligated to provide. With the trust being irrevocable, then the terms of the trust can't be changed, but its management can be if the trustee is given that discretion to make changes, which they normally are.

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thanks

Barrister

Expert:  Barrister replied 5 months ago.

Did you have any further questions I can help with?

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thanks

Barrister

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