Estate Law Questions? Ask an Estate Lawyer.
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.
Who are the beneficiaries listed in the trust?
Are you saying the 3 brothers are successor trustees in charge of the trust now?
What does the trust state about what powers the trustees have regarding distribution of assets?
Does it give them the power to give assets to themselves with a majority vote?
If there were no other named beneficiaries to receive the assets of the trust, then while that is odd, it is not unheard of.
The trust determines what happens to the assets in it and if the maker of the trust wanted to give the trustees the right to give the assets to anyone they wanted, including themselves, then that is allowable.
However, unless it says that it takes a majority vote, then it would require a unanimous decision for the distributions to occur.
So the one trustee left out could file suit against the other two for breach of their fiduciary duties if they tried to give themselves all the assets and a judge would likely dissolve the trust and order an equal division of the assets between all the trustees.
Yes, that is exactly what it means. So if there are 3 trustees, then they each get 1/3.
You are very welcome. Glad to help any time..
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