beneficiary in a trust fund

[humble_bumble_B]

What is the name of your state? OH
I just found out I'm a beneficiary in a trust fund left from a family member. I have a few questions regarding this.

First, do I need an attorney to withdraw my funds?

Second, one of my family members who is another direct beneficiary has offered his attorneys services for free. He is requesting that I give him legal permission to handle all of my funds. Is this a good idea?

Third, if I have to hire an attorney to withdraw my funds, I'm told by the same family member that the standard attorney fee for something like this is one third of whatever is coming to me. Is this true?

Fourth, if you recommend I do get my own attorney, how do you suggest finding one?

Thanks for all your help

 

[Zigner]

The trust documents should lay out how you will receive what is due...
I wouldn't suggest you find your own attorney.

 

[Dandy Don]

You are being lied to about the standard attorney fee being one third (but don't let the other side know that you know the truth). Under normal circumstances you don't need an attorney to withdraw your funds--the normal procedure is for the trustee to administer the trust and then issue checks to all beneficiaries without the beneficiaries having to do much of anything except provide the trustee with their SSN if asked to do so for tax purposes. All you truly need to be doing is asking the trustee when you can expect to receive your check.

Consult your own trust attorney to find out whether you have the right as a trust beneficiary to request a copy of the trust and an accounting statement by having you or your attorney send such a request to the trustee by sending the trustee a certified letter (some states allow this, and others do not).

Get a second opinion about anything the family members tell you because it is obvious they are trying to cheat you out of some of your money.

DANDY DON IN OKLAHOMA ([email protected])

 

[humble_bumble_B]

This concerns me. I'll go into a bit more details. The trust fund was set up for my father and his sibling. My father is deceased. The next beneficiaries are my fathers children. That includes myself and two siblings. It is my fathers sibling who is offering to handle everything. They told me I have a right to hire my own attorney, but told me about the one third charge, giving me incentive to have their attorney/long-time friend handle me and my siblings money. They requested that we notarize a letter giving them permission to our birth certificates and the right to handle our finances in the trust fund.

Is there someway that I can ensure the process is a bit more transparent? I have no idea how much money is in the trust, other than they have told me. Do I have a right to that information? I don't even know the name of the bank that holds it.

 

[anteater]

This sounds like the "Retirement Act for Attorneys - Amended 2008." There is something distinctly odd about so many attorneys lining up to take a bite of this apple. Unless this is some super-dooper complicated trust arrangement, it would be odd that a beneficiary would need to have an attorney involved. (That is, absent some wrongdoing by the trustee.)

Start with requesting a copy of the trust document and the most recent accounting. The Ohio code pertaining to trusts can be found here:
http://codes.ohio.gov/orc/58

In particular, look at: 5808.13 "Keeping beneficiaries informed - requests -- required reports."

 

[curb1]

humble bumble B,

You need to find out the bank who holds the trust. There is no valid reason that your father's sibling would not give you that information or give you a copy of the trust. His/her refusal to do this should set off an alarm. You can contact an attorney to represent you for this narrow legal advice without making the attorney a participant in the whole process. That should not cost much and might be necessary.