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John Legal
John Legal, Attorney
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Experience:  Over 15 years legal experience.
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My wife is the beneficiary of an irrevocable trust,established

Resolved Question:

My wife is the beneficiary of an irrevocable trust,established by her deceased grandmother. Bank of America is the trustee. They are using UPIA to establish a monthly rate that has decreased every year Bank of America has had trustee
responsibility. Are there any legal remedies to force B of A to increase the amount given to my wife?
Submitted: 1 year ago.
Category: Legal
Expert:  John Legal replied 1 year ago.
Welcome! Thank you for your question.

There is a section under New York Code that allows an income beneficiary demand a minimum amount of income based on the principal in the trust.

Unless the trust specifically prevents the beneficiary from requesting a court order for "unitrust" determination then the income beneficiary of the trust can demand an income distribution of 4% of the net principal assets in the trust annually if the income distribution is less. Here is the New York Unitrust provisions: http://codes.lp.findlaw.com/nycode/EPT/11/2/11-2.4

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John

Customer: replied 1 year ago.
If we went to cort, and the judge did not rule in her favor could she risk losing what she is currently receiving?
Expert:  John Legal replied 1 year ago.
No, she could not risk loosing what she is already receiving. The bank will use some of the principal to fight her if they choose. This will cause the overall principal to be lower so the 4% income right and the traditional investment income will possibly be lower depending on the amount of attorney fees spent in fighting her.

It is very possible that when she demands a unitrust interest that they just agree. If the trust does not prevent her from demanding a unitrust interest then the statue is clear that it should be granted, even if the trustee opposes. There would be little point in the trustee opposing in this situation.
John Legal, Attorney
Category: Legal
Satisfied Customers: 4631
Experience: Over 15 years legal experience.
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