If my mother placed my children's trust in the control of my uncle in her living will. Now that she has passed, can I regain control of their trust?
Hello,Thank you for using JA. Please don't shoot the messenger, but whether the trust was set up as a revocable living trust or an irrevocable one, upon the death of the grantor (maker) the trust becomes irrevocable and can't be changed or modified. The trustee would now be fixed and unless you were named as successor trustee and uncle resigns from being trustee, then you couldn't legally take control of any trust or assets..If no successor trustee was named in the trust and uncle passes or resigns, you could petition the probate court to be named trustee of the trust and it is likely that the court would agree to appoint you..
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Thanks for your the answer. I was afraid that was the case. Also, is he obligated to inform me of the current value of trust and of any changes he makes. I get a short letter each year of deposits he has made. I know nothing of where the trust stands or money made, lost, accounts in which the moneys are held, nothing!! What is he legally obligated to?
If the trust is for a minor child, then as guardian of that child, you would be legally entitled to request a formal "accounting" in writing from the trustee. The trustee has a "reasonable time" to respond, usually 90 days. A trustee is only legally obligated to deliver an accounting once a year by law, but if the accounting is deficient or not specific enough, that could be grounds for requesting another more detailed accounting..Texas Property Code - Section 113.151. Demand For Accounting.§ 113.151. DEMAND FOR ACCOUNTING. (a) A beneficiary by written demand may request the trustee to deliver to each beneficiary of the trust a written statement of accounts covering all transactions since the last accounting or since the creation of the trust, whichever is later. If the trustee fails or refuses to deliver the statement on or before the 90th day after the date the trustee receives the demand or after a longer period ordered by a court, any beneficiary of the trust may file suit to compel the trustee to deliver the statement to all beneficiaries of the trust. The court may require the trustee to deliver a written statement of account to all beneficiaries on finding that the nature of the beneficiary's interest in the trust or the effect of the administration of the trust on the beneficiary's interest is sufficient to require an accounting by the trustee. However, the trustee is not obligated or required to account to the beneficiaries of a trust more frequently than once every 12 months unless a more frequent accounting is required by the court. If a beneficiary is successful in the suit to compel a statement under this section, the court may, in its discretion, award all or part of the costs of court and all of the suing beneficiary's reasonable and necessary attorney's fees and costs against the trustee in the trustee's individual capacity or in the trustee's capacity as trustee. .The contents of an accounting are prescribed by Trust Code Section 113.152:1. The trust property that has been received and was not previously listed in a prior accounting.2. A list of receipts and disbursements, allocated between income and principal.3. A list and description of all property being administered (with descriptions).4. Cash accounts, their balance, and where they are deposited.5. A list of all trust liabilities..So if the trustee is just giving a skeleton accounting of just transactions, he is not complying with the Code requirements..
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