If my sister is a trustee of a spendthrift trust which is an inherited IRA left for me by my mother, how can she distribute this?

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If my sister is a trustee of a spendthrift trust which is an inherited IRA left for me by my mother, how can she distribute this?

She would like to release it to me but isnt sure how involved it is.

Asked on November 24, 2011 under Estate Planning, New York

Answers:

Michael D. Siegel / Siegel & Siegel, P.C.

Answered 9 years ago | Contributor

A trust is governed by its terms.  The trustee may have some discretion on what to do, but that would be clearly stated in the trust document.  I would consult a lawyer and have him or her read the trust document.  If the trust is funded with an IRA, this poses its own issues.

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FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

A spendthrift trust set up for a benefiary is created by the trustor who established the trust because there was a concern that the beneficary would waste the money if given all at once.

If your sister is the trustee of a spendthrift trust for you, she needs to carefully read the trust in that its terms and conditions control the obligations owed to you and the duties of your sister as a trustee as to letting you receive certain assets fro the trust. If your sister has concerns about the trust, I suggest that she consult with a Wills and trust attorney about all questions she as concerning it and allowing you moneys from it.


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