trust question

What is the name of your state (only U.S. law)? SC

I was named a co-trustee along with my father of a trust that my grandfather left when he passed away. I DO NOT benefit from this trust, my name is only on there for legal purposes.

However my father is not cooperating and wont sign the paper work to get the trust transferred over into our name and move forward with what the trust is supposed to do....

Is there anything i can do because he isnt cooperating?


Thanks in advance.

MB

What is the reason for your father's lack of cooperation? He doesn't have to accept being a trustee. Is he fine with letting you be the sole trustee?

There is no real reason behind his lack of cooperation. Thats just the way he is....

He wont accept me being the sole trustee....


I just dont know what to do. The people that the trust is with keep calling me and want us to make the changeover but he wont sign the papers....

My guess is that he does not have a comfortable feeling about the duties of the Trustee. He probably feels that he could be "over his head". Perhaps a very good 15 minute explanation by an estate attorney, or someone knowledgeable could ease his uncertainty.

He doesnt have to do anything as the trustee... all he has to do is sit back and cash checks....

You are probably the only person to solve this situation. No one here can work with your father.

He doesnt have to do anything as the trustee... all he has to do is sit back and cash checks....

Well, it will be slightly more than that, like:
- make investment decisions, or hire a firm to manage that and authorize their fees
- make distribution decisions
- handle the estimated taxes quarterly, and full year tax forms, or hire someone to do that.
- etc

Kiawah- he doesnt have to do any of that. thats my job.

there are no investment decisions. they way the trust is set up is that he only gets the interest from the stock acct.

i guess i will have to consult the lawyer who set up the trust.

Thanks for all your replies!

I assume this is an irrevocable trust, since it was a GrandF's who passed away. When you say interest, I assume you mean stock dividends, with nominal interest. Then you are going to pay the income taxes due out of the trust on a 1041, distribute the remaining cash, and issue K-1's to those who you made distributions to?

In a stock account, you will have investment decisions to be made as even normal corporate mergers and re-orgs will generate necessary actions on your part. So the trust makes no allowance for distributing the principal?

So if he is the beneficiary, then he can sit back and deposit the checks you send him!

Is it possible he may not want any possible misdeeds he committed as trustee uncovered? Talk to your attorney about whether you had the right as a trust beneficiary to request an annual accounting statement along with a copy of the trust.

DANDY DON IN OKLAHOMA ([email protected])

Dandy Don- no that isnt the case. He wont sign the papers to transfer the trust into our names. it is currently in my grandfathers name, who passed away in sept.

i contacted the lawyer who put the trust together and he said that i can file an action to have him removed.

Q: i contacted the lawyer who put the trust together and he said that i can file an action to have him removed.

A: Yes; that will take $20K (if cheap) and three years (if quick).


Since you get no benefit from the trust, why don't you resign and wash your hands of the whole thing?