IWonderYou
Junior Member
What is the name of your state?What is the name of your state?What is the name of your state? Alabama (I live in GA now but this was all set up in AL)
What are my rights as the beneficiary and his responsibilities/duties as the trustee?
In 1994 one half of my father's estate was left to me in the form of a trust with my brother as the trustee. The principal of the trust will not be mine until I reach 50 (I'm 40 now). My brother and I don't get along very well and I often feel that he allows his feelings towards me/the money to dictate the way he handles things.
According to my brother: He doesn't have to provide me with any information except the schedule K-1 for taxes, which has not always been provided on time forcing me to file for an extension.
It's entirely up to him as to when he sends the money, how much money he sends or whether he sends any at all. Which seems to be based on his feelings towards me at that moment.
In the will there is a paragraph that states the following:
"The will states that "the Trustee shall pay the beneficiary all of the income of the trust at least quarter annually. Provided, however, if the Trustee determines that the income payments will cause the beneficiary to be disqualified from governmental assistance or other sources because of income, he may, at his discretion, withhold the income and add it to the principal."
Questions:
1. Can he withhold income for any reason?
2. Can I request an accounting of the trust?
3. What rights do I have?
4. What are his duties or responsibilities?
5. Can I petition to have him replaced based on the fact that he's a
narcissitic, power freak and I hate dealing with him?
6. If there is nothing I can do...can I give him the money and get on with my
life?
At the time, I trusted my brother to have my best interest at heart. Like a fool, I didn't have someone to represent me; I have no idea what I signed when we went to the lawyer's office; I can't seem to find an attorney that is willing to take the time to answer my questions; and the web just makes me want to pull my hair out!
Any help would be greatly appreciated! -
Thanks!
IWonderYou
What are my rights as the beneficiary and his responsibilities/duties as the trustee?
In 1994 one half of my father's estate was left to me in the form of a trust with my brother as the trustee. The principal of the trust will not be mine until I reach 50 (I'm 40 now). My brother and I don't get along very well and I often feel that he allows his feelings towards me/the money to dictate the way he handles things.
According to my brother: He doesn't have to provide me with any information except the schedule K-1 for taxes, which has not always been provided on time forcing me to file for an extension.
It's entirely up to him as to when he sends the money, how much money he sends or whether he sends any at all. Which seems to be based on his feelings towards me at that moment.
In the will there is a paragraph that states the following:
"The will states that "the Trustee shall pay the beneficiary all of the income of the trust at least quarter annually. Provided, however, if the Trustee determines that the income payments will cause the beneficiary to be disqualified from governmental assistance or other sources because of income, he may, at his discretion, withhold the income and add it to the principal."
Questions:
1. Can he withhold income for any reason?
2. Can I request an accounting of the trust?
3. What rights do I have?
4. What are his duties or responsibilities?
5. Can I petition to have him replaced based on the fact that he's a
narcissitic, power freak and I hate dealing with him?
6. If there is nothing I can do...can I give him the money and get on with my
life?
At the time, I trusted my brother to have my best interest at heart. Like a fool, I didn't have someone to represent me; I have no idea what I signed when we went to the lawyer's office; I can't seem to find an attorney that is willing to take the time to answer my questions; and the web just makes me want to pull my hair out!
Any help would be greatly appreciated! -
Thanks!
IWonderYou