Changing Trustee on portion of Trust assets

[stillfat]

The trustee is the trustee. If more than one, both are responsible for trust actions. I know of no way to have another person be in charge of a portion of the trusts assets. Now, the trustee can delegate the power to another, but will always hold the responsibility.

Tranquility

How would the trustee delegate the power to another -- there is no problem with letting her hold the responsibility?

 

[anteater]

The financial planning firm wouldn't do anything but offer advice. They have agreed that the best place for the assets is in money markets or CDs.

So, what is this whole brouhaha really all about? The son ticked off that Mom always liked sister more?

 

[I'mTheFather]

With regard to "control issues," she has said straight out "I'm in total control." Perhaps some history -- set aside money from mother to son was held back and paid in chunks after sister said she could write a check, right here and now, while family was together at the memorial. Then decided that if brother didn't do what she wanted, she could pay it out in increments. She definitely has control issues.

So, she is in total control of the money, as the mother intended.

What was it that prompted her to announce at the memorial that she "could write a check, right here and now"?

And once again, who are you in all this? The son's wife?

 

[stillfat]

A concerned friend watching this insanity.

 

[Ohiogal]

A concerned friend watching this insanity.

In other words, this is none of your business and you are involving yourself in matters that are not of your concern. So the advice for you is this: BUTT OUT. MYOB.

 

[anteater]

So... To sum it up:

The only thing the son can do unilaterally is to spend some money on an attorney in an attempt to persuade a court to flat out override the wishes of the trustor. And, since there appears to be no mismanagement of the trust assets or refusal to expend funds for the stated purposes of the trust or anything else except some sibling squabbling, I'd put my money on the sister prevailing.

 

[tranquility]

Tranquility

How would the trustee delegate the power to another -- there is no problem with letting her hold the responsibility?

First, I would get a lobotomy. Then, I hand over the checkbook. After that, I prepare for the lawsuit that is sure to come that I will eventually lose.

 

[stillfat]

Wow you people are really a piece of work -- I'll make sure to let others know not to use this service!

 

[tranquility]

You are an uninvolved person who is looking at how to control trust assets but take no responsibility for them, leaving the trustee holding the bag for any problems and WE'RE a piece of work?

If there is a fiduciary breach, sue the trustee. If not, ask the trustee. You cannot make them do anything. As a side note, the trustee would be a fool to allow the powers go to another while he is the trustee.

 

[stillfat]

it wasn't a collective "you people" -- there is no need to be rude. I understand what you've all stated. Perhaps they asked me to look into this -- so I have a reason to be asking the questions. Thank you and have a lovely day.

 

[anteater]

Wow you people are really a piece of work -- I'll make sure to let others know not to use this service!

This is not a service. One pays for a service.