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Question

I'm a Tx. resident. I need to know if I can somehow - without a court order, withdraw a small amount of the money ($100,000) I have in (an XXXXXX XXXXX Trust Account set up after the sale of land (which was left to me in an irrevocable land trust by my paternal grandmother way before she died in 1996). Most of the proceeds from a 2006 land sale (some of which were from land in that trust that expired 4 mos. before the sale)were distributed to me, but the rest was put into a trust set up by my cousin-trustee. One of my uncles, who had been named trustee after my father (the original trustee)died, had also passed away, and my favorite cousin agreed to become trustee in her father's place. The new trust was set up at XXXXXX XXXXX, with an E.J. agt. as Trustee, although my cousin sends an interest check from the account every Spring. I desperately need $15K to invest in a certain small,inexpensive "flip"/wholesale/rental prop. for steady mo.income! I'm disabled & broke! Thank you

Submitted: 48 days and 12 hours ago.
Category: Legal
Value: $18
Status: CLOSED
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State/Country relating to Question: Texas

Already Tried:
I've looked up irrevocable trusts online, but I didn't get an answer.

Accepted Answer

Good Morning, XXXXXXXXX,

 

If the instrument creating the trust provides that only the trustees can withdraw money to pay to you, then you would need a Court Order. That is the very reason trusts arecreated and the money not given outright to the beneficiary.

 

I would suggest speaking to the trustee and telling them what your situation is and why you need the money. Try this first; they may issue you acheck so that you can make your investment.

 

 

 

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Thank you and Good Luck!

 

ANDREA, JD, LL.M., Taxation

Member, NY & PA Bar

 

DISCLAIMER: The facts stated herein are information only and are not intended, nor should be construed as legal advice or legal opinion and No Attorney-Client relationship is formed by asking questions and receiving information; laws vary from state to state and to protect your interests, you should seek local counsel

 

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Expert: Andrea
Pos. Feedback: 98.9 %
Accepts: 
Answered: 10/6/2009

Attorney

25 yrs exp successfully representing clients in my real estate, family law and criminal defense

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