The trust was establised by her parents many yrs. ago...this is a woman in her early seventies...only the interest, not the principal was to be used...it is more than likely that the principal has been invaded...however, as of this fall, her monthly allowance was cut from 8,000 to 3,000...after her death, the beneficiay is to be her only child....(the trust owner has been a single parent for 40 years)....her daughter as "some rights"...b elieve she has or could have a financial power...perhaps this means declaring the mother incompetent ?...?? also know that she has "a note from the law firm ???) having "borowwed" 20,000 to get her house ready to put on the market...she sold her home in 3 wks! this is just another sum that needs to be paid out of house sale proceeds & it is very likely that there will not be enough monies from the sale to pay all these outstanding debts...mortgage, etc.
I have no doubt that the trust as many are, is loosely written to allow for more than one interpretation. so would you give me examples of questions that could be asked to get at the crux here...can they, not would they, disperse monies...i.e. just sell some securites...there are funds and stocks in the trust...it seems to me that is the owner asks this to be done, it should be able to be accomplished. Granted, the principal here has not been prudent w/her monies but her parents were trusted friends of this firm and set this out to protect her. And, as you might expect, the grandchildren are about to inherit an untenable situation which they cannot afford. Thanks...
Attorney
Licensed Missisippi Attorney; Criminal Law, Family Law, Personal Injury, and Civil Defense