Can you receive an irrevocable trust before the age stated to disburse the money?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
Can you receive an irrevocable trust before the age stated to disburse the money?
My grandmother set up an irrevocable trust many years ago. She passed away 20 yeras ago. The trust is to be received by me on my 35th birthday (in 8 months). I have a bank lady that is in charge of overseeing the trust in another state. She has let me take some funds out for certain expenses. However, I feel she is not doing what she could be doing and I was wondering how possible it is to have my trust given to me early?
Asked on September 7, 2011 under Estate Planning, Kansas
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
To answer your question about receiving additional monies from your grandmother's trust where you are a named beneficiary, you need to carefully read its terms in that its terms control how and when moneys are disbursed to you as the beneficiary.
Upon reading the trust's terms and conditions for release of funds to you, there may be a basis for you to receive more from it before your thirty-fifth birthday. If the trust is firm on when and how much you can receive from it, the trustee under the trust is obligated to follow the specific instructions of your grandmother as set forth in the document itself. The failure to abide by the trust's terms by the trustee could result in breach of fiduciary duty claims against the trustee.
Good luck.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.