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My wife is the beneficiary of an irrevocable trust,established

by her deceased grandmother. Bank...
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?
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Answered in 20 minutes by:
1/20/2013
John Elder
John Elder, Estate & Elder Law
Category: Estate Law
Satisfied Customers: 4,632
Experience: Over 14 years experience in Medicaid, Estates, Trust.
Verified
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

I cannot provide you with legal advise. I have provided you with information about the law related to your question. My answer, and any information that you find online, should not take the place of having a consultation with a lawyer in your area to advise you regarding your specific issues.

Please show your appreciation for my candid, accurate information by clicking VERY INFORMATIVE, OR the OR and positive feedback. You should only rate me if you are satisfied with the information I provided you. If you cannot rate me GREAT please do not rate. Give me a chance to make it right by clicking REPLY TO EXPERT.

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Ask Your Own Estate Law Question
Customer reply replied 4 years ago
If we went to cort, and the judge did not rule in her favor could she risk losing what she is currently receiving?
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 Elder
John Elder, Estate & Elder Law
Category: Estate Law
Satisfied Customers: 4,632
Experience: Over 14 years experience in Medicaid, Estates, Trust.
Verified
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John Elder, Estate & Elder Law
Category: Estate Law
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