What is the name of your state (only U.S. law)? Arkansas
Hello all,
My mother passed away in Arkansas in 2007. The estate is coming to a close, there are no debts/fees to be paid. There is $75K in a trust account. The trust stipulated I am to be age 35 when it is released to me. I have a good relationship with the trustee, and I would like to have control of this money now (I am age 29). Since both my parents are passed on, I have become fiercely self-reliant and wish to be in charge of my own affairs. Again, I am on good terms with the trustee, but before I even ask him about turning over the trust to me, I want to know is he legally able to do so, since there was an age stipulation in the trust? Like even if he is fine with just giving me the trust account, would he not be able to do so, or would that be at his own discretion as the trustee? I am an only child, so I am the sole beneficiary, so there are no weird entaglements here, a very simple case. I would just like to be able to save and invest this money as I see fit, since it is what was left to me. I just don't know how much the age stipulation matters if he (the trustee) is fine with giving me control of it. Is it something that can be done? If so, can he just do it himself or would it need to go through the court somehow? Thanks for your advice
Hello all,
My mother passed away in Arkansas in 2007. The estate is coming to a close, there are no debts/fees to be paid. There is $75K in a trust account. The trust stipulated I am to be age 35 when it is released to me. I have a good relationship with the trustee, and I would like to have control of this money now (I am age 29). Since both my parents are passed on, I have become fiercely self-reliant and wish to be in charge of my own affairs. Again, I am on good terms with the trustee, but before I even ask him about turning over the trust to me, I want to know is he legally able to do so, since there was an age stipulation in the trust? Like even if he is fine with just giving me the trust account, would he not be able to do so, or would that be at his own discretion as the trustee? I am an only child, so I am the sole beneficiary, so there are no weird entaglements here, a very simple case. I would just like to be able to save and invest this money as I see fit, since it is what was left to me. I just don't know how much the age stipulation matters if he (the trustee) is fine with giving me control of it. Is it something that can be done? If so, can he just do it himself or would it need to go through the court somehow? Thanks for your advice