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I’m the primary beneficiary of my dad’s trust. My children…

Customer Question
I’m the primary beneficiary...

I’m the primary beneficiary of my dad’s trust. My children 18 and 13 yrs old are residuary beneficiaries. According to my lawyer I can’t use the money to pay for tuition, medical bills f on my children. Can I put the trust inside another trust or draft anothe trust in New York

Lawyer's Assistant: What documents or supporting evidence do you have?

My dad’s will and there is not a trust document. The will said for my benefit and comfort. But for the past 6 years I cannot touch the trust. The only time that my that I touch the money is to buy a condo, but it’s not my it’s part of the trust. It’s like part of the money transform into a condo

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

I should have appointed a co trusted, but I forgot. The original co trustee resigned and got 10,000 dollar for resigned

Submitted: 4 months ago.Category: Estate Law
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Answered in 23 minutes by:
11/30/2017
Estate Lawyer: Damien Bosco, Attorney replied 4 months ago
Damien Bosco
Damien Bosco, Attorney
Category: Estate Law
Satisfied Customers: 4,249
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Hello: My name is ***** ***** I am an attorney. Please give me a moment to review your question. I may ask some questions to clarify issues.

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Estate Lawyer: Damien Bosco, Attorney replied 4 months ago

Are you saying this is a testamentary trust wherein the trust terms are within the will? I presume that your Father is deceased and his assets went into the trust. You mention you are a trustee and a beneficiary. The terms of the trust state you can distribute to yourself for benefit and comfort. And you bought a condo as trustee that is owned by the trust. Is that all correct?

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Customer reply replied 4 months ago
my father died in Nov 2011. It’s a testamntary trust. Yes the condo is part of the trust. I’m the trustee and primary beneficiary. The cotrustee resigned in 2014. I neglected to name a new co- trustee. Now my exwife wants me to basically give the whole trust to my daughters.
Estate Lawyer: Damien Bosco, Attorney replied 4 months ago

You mentioned you neglected to name a co-trustee. Do the terms of the trust (in the will) say what should happen if a co-trustee resigns and who would succeed the co-trustee? Also, it seems you are implying that you want a co-trustee so not to be accused of self-dealing and the co-trustee can distribute some money to you. It that the issue?

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Customer reply replied 4 months ago
The terms are that if I want to used the money I need a co trustee. The condo is not the problem as it’s part of the trust. The problem is that my ex wife says that I am not good in finances or with money, this is why my father what a cotrustee. So now she wants to the trust past to my daughters. So far I have never been reckless with my money or the trust. She is already doing a formal accounting. She is not going to find anything wrong. My question is what can I do with this trust? I don’t want to past it to my daughters and I don’t ant she use it. Can I draft a new trust ?
Estate Lawyer: Damien Bosco, Attorney replied 4 months ago

You can request the court to appoint a co-trustee. The terms of a trust usually state who would be a successor trustee. If it does not, then you would request the court to appoint someone who you believe can be a co-trustee.

We can continue to discuss.

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Estate Lawyer: Damien Bosco, Attorney replied 4 months ago

Do you have any further questions? I am happy to help if you do. Otherwise, I have been happy to have answered your question. If you need anything further, just let me know. Best regards.

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Estate Lawyer: Damien Bosco, Attorney replied 4 months ago

Hello again! Checking in to see if you need further help. Your satisfaction is my goal, and I'm happy to answer a related follow-up question you may have. If I have not answered your question completely or missed a question, please let me know and I will attempt to answer it. If you are satisfied with your answer, please provide a positive rating between 3 and 5 stars at no extra charge so I can get paid for the service I provided to you. Best regards.

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