Will and Trust?

[Seeory]

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

I just got a copy of my grandfathers will after asking for a copy of the trust. Are they the same? Would threre be a will and a trust? Or is it one or the other?What is the name of your state (only U.S. law)?

 

[Zigner]

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

I just got a copy of my grandfathers will after asking for a copy of the trust. Are they the same? Would threre be a will and a trust? Or is it one or the other?What is the name of your state (only U.S. law)?

There can be a will and a trust.

 

[Kiawah]

Well.....another possibility is that the will says that a trust will be created upon his death. In which case there is a will, but no trust (yet).

 

[TrustUser]

by reading the will, you will be able to ascertain whether it creates a trust.

also, if you know what assets were owned, how are they titled ?

if they are already titled to a trust, then there will be a separate trust document for said trust.

 

[Seeory]

Will did set up trust.

I finally got a copy of the trust. The will did set up the trust. Now that I have a copy of the trust I cannot understand it. I would like to see if there is an easy way (without an attorney) to get court supervision over the distribution of the principal and profits from the trust, due to fairness issues. One in particular is:
I asked for gas money to get to school. I was told " While the Trust provides the Trustee with discretion to distribute funds for a beneficiary’s education, health, maintenance and support, it is not a compulsory obligation."

In the trust it gives a definition (called "general provision") of education.

E. EDUCATION: As used in this Agreement, "education" shall include any course of study or instruction at an accredited college or university granting undergraduate or graduate degrees, or at any institution for specialized, vocational or professional training, or at any institution offering an accredited educational course. The term shall also include any course of study or instruction which may be useful in preparing an individual for any vocation consistent with the individual's abilities and goals. Distributions for education may include such costs as tuition, fees, books, supplies, living expenses and travel, to the extent they are reasonable.

If someone would be willing to read through it, I would be willing to send a copy of it.

Thank you all for the help.

 

[anteater]

I asked for gas money to get to school. I was told " While the Trust provides the Trustee with discretion to distribute funds for a beneficiary’s education, health, maintenance and support, it is not a compulsory obligation."

OK. Since you have a copy of the trust, does it give the trustee discretion?

I don't think that anybody here is going to read through a trust document for you. If you can't figure it out, then you should seek out a local attorney.

 

[Dandy Don]

While it is true that the obligation is not compulsory, the trustee must make reasonable effort to accomodate the beneficiary if the request is in line. So was your request for "gas money for school" accepted or denied? If you have unpaid tuition, need books or have other college expenses outstanding and due that show on your account, you would be better off asking for money for expenses that are more directly related to your education. Your request was reasonable and trustee should have agreed but many trustees have no clue about how to administer trust obligations and may decide to be unfairly tight about how they distribute funds.

 

[Seeory]

Denied

I was told that day to day expenses are my responsibility. I was also denied money to go to a doctor. I had to wait five days, for my tax return to come in, with a urinal tract infection. I really need to know what steps to take to ultimately get a new trustee appointed, would court supervision be required first?

 

[BlondiePB]

I was told that day to day expenses are my responsibility. I was also denied money to go to a doctor. I had to wait five days, for my tax return to come in, with a urinal tract infection. I really need to know what steps to take to ultimately get a new trustee appointed, would court supervision be required first?

Step one: hire a trust attorney.

 

[Kiawah]

I'll give you a non-legal opinion, having been the trustee of a number of family trusts for over twenty years, and having created a couple of trusts myself for my own family members.

I haven't and would not pay day-to-day living expenses (doctors visits, gas and mileage to college, etc), even if the trust was for that one specific person. The individual has to live within their own means. I do pay for college tuition, room and board if it is an away school, and for the books each semester.

The trust is written with trustee discretionary powers to pay other things if I deem warranted, but I don't believe living expenses are warranted, nor are they within the intent of the original donor looking for long term growth and protection of assets, and ultimately passing that money on to future generations.

The investments are targeted for fully invested portfolios looking for long term sustained growth, not a lot of money sitting around in cash positions available to be spent at will.

I'm sure others will have different opinions and operating standards, and that's fine. I just think you go down a slippery slope without any ability to 'draw the line' somewhere. If a trust pays for gas, then why not pay for insurance on the car, and tires, and inspection, and to get it fixed or replaced, etc, etc, etc.

So I don't believe your trustee is out of line at all.

 

[TrustUser]

you need to read thru the whole trust. why was this trust created ? what is its purpose ?

with regards to the education clause, seeing that it mentions travel, i think gas TO SCHOOL is payable.

many trusts are set up to take care of a person's typical living expenses. not extravagant ones.

again, one needs to understand what the purpose of the trust is, before any defining answers can be given.

 

[JoyealRyan]

Thats a great information you have provided here... A will is an important legal document which provides information about the transfer of property, assets, etc. from the testator to his beneficiaries, after his death. If you do not have a will, you would not know what will happen to your dear ones and your property. Verbal will is valueless, your will should be written legibly because what cannot be read cannot be enforced.

It is advised by the estate planning specialist to have an estate pan for all the property and assets that you have owned... This will ensure you the safety of your property... Contact an estate planning expert and write a will also choose the best testamentary trust who will take care of your estate after your death...