Trust Fund

[lauren0309]

What is the name of your state? NY

My mother left her co-op to five grandchildren. I am the executor of the estate. In her will she stated that she did not want me to have to post bond nor the money be put into a trust account. The court ruled against her wishes and I did have to post bond which I did and the money did have to be put into a trust account until they turn 21. One of the children turns 21 next in a few months. When he reaches that age, how to I get the money out of the fund. Do I just write out a check? I don't know how this works.

 

[tranquility]

Generally, you would just write a check. However, since the genesis is a court order, make sure the court does not require some reporting on anything you do.

 

[Dandy Don]

If the money is being held at a bank, they can advise you about this. You may also want to consult an attorney to make sure you are doing everything correctly.