What is the name of your state?Virginia
Need some help here…
Father-in-law passed in January at age 82. Had a will that has been submitted to probate. He was survived by 4 children, ages 56, 52, 50, & 38. (and 8 grandchildren). The will convey some of the odds and ends in the estate to the 4 children directly and fee simple and conveys the rest of the $460k (about $250k in real estate, $112k in stock and about $100k in cash) was convey to a testamentary spendthrift trust, to be distributed to them at $400 a piece a month until it is depleted to $40,000, then divided lump sum between the 4 of them. This will take more than 20 years just to distribute the principal, not including any interest. But, there appears to be a discretionary provision for the trustees. A brother and a sister are both the executors of the estate and trustees of the trust. Being “seasoned” adults who are advancing in age, NONE (including the 2 who are executor/trustees) of the 4 of them want the money doled out to them; (dad did not communicate a reason for setting things up this way.) Is there a way to either distribute this money in much larger sums or dissolve this trust all together? FYI, the lawyer who wrote the will has been no help. She told us that the provisions for the trust didn’t have to be followed and the Commissioner of Accounts is now saying that they do.
Need some help here…
Father-in-law passed in January at age 82. Had a will that has been submitted to probate. He was survived by 4 children, ages 56, 52, 50, & 38. (and 8 grandchildren). The will convey some of the odds and ends in the estate to the 4 children directly and fee simple and conveys the rest of the $460k (about $250k in real estate, $112k in stock and about $100k in cash) was convey to a testamentary spendthrift trust, to be distributed to them at $400 a piece a month until it is depleted to $40,000, then divided lump sum between the 4 of them. This will take more than 20 years just to distribute the principal, not including any interest. But, there appears to be a discretionary provision for the trustees. A brother and a sister are both the executors of the estate and trustees of the trust. Being “seasoned” adults who are advancing in age, NONE (including the 2 who are executor/trustees) of the 4 of them want the money doled out to them; (dad did not communicate a reason for setting things up this way.) Is there a way to either distribute this money in much larger sums or dissolve this trust all together? FYI, the lawyer who wrote the will has been no help. She told us that the provisions for the trust didn’t have to be followed and the Commissioner of Accounts is now saying that they do.