Beneficiary rights

[sean9854]

What is the name of your state? Maine. My grandmother died many years ago and left a modest irrevocable trust in our names (the grandkids). My question has to do with what rights we have with regard to how the bank manages our assets. We would like more income (who wouldn't?), and would even like the bank to consider dissolving the trust and distributing the principal among us. We are all pushing 40 with no kids, so it is possible that the bloodline will end here, making capital preservation for a future generation a moot point.

Is the bank obligated to consider our ideas? More importantly, isn't the bank not an impartial broker in these situations, since it has an incentive to keep the money in house? What are our options?

Thanks in advance.

 

[moburkes]

The bank is obligated to consider your ideas if you are the person who set up the IRREVOCABLE trust.

 

[nextwife]

And who says that "approaching 40" as childless precludes any children in the future? Both I and my sibling have had children/become parents at well past 40.

But the bottom line is that the bank has an obligation to administer the trust in accordance with the terms of the trust agreement.