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A HERETIC I AM

(24,317 posts)
9. If I may......
Thu Feb 6, 2020, 10:23 PM
Feb 2020

1st, as a beneficiary, you are ABSOLUTELY entitled to transparency.

You said you have a copy of the trust document(s). Have you read them carefully? Are the assets held by the trust strictly securities? Cash? Other marketable instruments? Real estate, as in the family home, for instance? Is any of it held in a tax qualified account like an IRA or an Annuity, for example? If real estate is involved, how is it titled? In the name of your parents or the name of the trust? The answers to these questions are important to you, as the way the assets are liquidated, settled and disbursed after your mom passes can vary greatly.

2nd, as Trustee, your brother has a fiduciary responsibility to act in the best interests of the beneficiaries, and that means YOU and him, not just him. He can be subject to a lawsuit by you or even the financial institution if he is found to be acting recklessly, i.e. spending money from the trust that he shouldn't be. You said his and his wife's name appear on the portfolio. I wouldn't be too alarmed at this, as long as there is indication that he is the trustee and/or is acting "For the benefit of" the good of the trust. Having said that, I am by no means an attorney, so you should use what I have said with that knowledge.

3rd, as to his wife and her possibly wedging her way into this, that question may depend on the laws of your state and exactly how the trust is worded. Definitely a question for an attorney.

4th, I can't see any reason at all why you would not be able to speak with the lawyer who has been handling this (or why he wouldn't speak to you), and it is absolutely a good idea to do so, especially if he is the same one from the first draft of the trust. If that's the case, he very likely knows your mom and may have a good idea of what her wishes truly are.

The Power of Attorney allows him to make financial and legal decisions for whoever granted it, so if your mother gave him that authority over HER, then I would suggest you look at what is going on VERY carefully. If he has it solely over the Trust assets, at least he can't do things in your moms name she might not really want. Is your mother lucid? Do you speak to her about these matters?

If the entire estate held in the trust amounts to only a few thousand dollars, then it might behoove you to try and understand the moving parts of all this on your own - a daunting task, I know.

But.....if the money involved is substantial, as in many tens of thousands or into the 6 figure range and above, then retaining an attorney would absolutely be in your best interest. If you can afford an attorney in either case, it is always wise to seek experienced legal counsel.

Money does strange things to people, and you and your brother are not the first siblings to have a conflict over a possible inheritance, and surely won't be the last.

Best of luck, and if you care to, please update as things move forward.

Some links, just in case you haven't checked the Google machine already!!:

https://www.elderlawanswers.com/5-rights-that-trust-beneficiaries-have-15244

https://www.formyplan.com/estates-trusts/2015/08/20/what-legal-rights-does-a-trust-beneficiary-have/

https://info.legalzoom.com/rights-beneficiary-irrevocable-family-trust-20440.html

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