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Rights of the beneficiary...duties of the trustee

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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? :D
6. If there is nothing I can do...can I give him the money and get on with my
life? :rolleyes:

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! :eek:

Any help would be greatly appreciated! -

Thanks!
IWonderYou
 


Dandy Don

Senior Member
He can not withhold income unless you are receiving some type of governmental assistance.

You need to be asking an Alabama trust attorney whether you have the right to request an accounting of the trust and a copy of the trust, if you have not already done so. Some states allow this to be done by having your attorney send the trustee a certified letter requesting the information, and other states do not permit this.

Just the fact that he's a narcissistic power freak and that you don't like his personality is NOT enough to get him removed as trustee--you need to have proof of misconduct or breach of duty to get him fired/replaced, and you don't have evidence of that yet.

Just be patient for another ten years and you will get what is rightfully yours.

It would help your cause if you hired an Alabama trust attorney for consultation purposes only, so that you can get an official opinion about anything your brother tells you to find out if it is true or not.


DANDY DON IN OKLAHOMA ([email protected])
 

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