What is the name of your state (only U.S. law)? PA
The biggest issue is that my father is 85 years old and is slowing down cognitively. He's been acting as Trustee for 15 years and has dispersed a good bit of the monies in both my daughter's and nephew's trust funds. My daughter is 22 and my nephew is 21. My father does not want to handle this any longer and does not want to go through the process of establishing an alternate or altogether new trustee.
He believes both individual are more than ready to manage the monies they are owed through the remaining funds. He's taken care of the taxes responsibly each year. and will do so again for 2015. He'd like to release the funds before 12/31. We just don't see any issues here. Does anyone else? Thanks for the feedback. It is MUCH appreciated.
The specific Directives for Establishment of the Trust" reads as follows:
"I direct that the legacy or share of real or personal property falling to any person under the age of twenty-five years...shall be paid to and retained by my trustee (name of person)..., in Trust, to invest and reinvest the same, to collect the income and paying all expenses incident to the management of the trust, to use and apply as much of the net income and principal as may be necessary for such person's support, well-being and education, and that the balance of principal and any accumulation of support, well being and education, and that the balance of principal and any accumulation of income remaining in the hands of the trustee be paid to such person upon attaining the age of twenty-five years. If my Trustee, in my trustee's sole discretion determines that it is desirable to do so, my trustee may, without further responsibility terminate any trust under this will and pay the then-remaining principal and income of that trust to the person then eligible to receive income therefrom...
If any such person is a minor, or is, in my trustee's opinion disable by illness or other cause, my trustee may pay any amount distributable to him or her parent or guardian or to any person or organization taking care of him or her, or in the case of a minor, may deposit it in a savings account in the minor's name payable to him or her at majority. I direct that such payments be made without the intervention of a guardian and the receipt of such person as may be selected by my trustee to disburse the same shall be a sufficient acquittance."
The biggest issue is that my father is 85 years old and is slowing down cognitively. He's been acting as Trustee for 15 years and has dispersed a good bit of the monies in both my daughter's and nephew's trust funds. My daughter is 22 and my nephew is 21. My father does not want to handle this any longer and does not want to go through the process of establishing an alternate or altogether new trustee.
He believes both individual are more than ready to manage the monies they are owed through the remaining funds. He's taken care of the taxes responsibly each year. and will do so again for 2015. He'd like to release the funds before 12/31. We just don't see any issues here. Does anyone else? Thanks for the feedback. It is MUCH appreciated.
The specific Directives for Establishment of the Trust" reads as follows:
"I direct that the legacy or share of real or personal property falling to any person under the age of twenty-five years...shall be paid to and retained by my trustee (name of person)..., in Trust, to invest and reinvest the same, to collect the income and paying all expenses incident to the management of the trust, to use and apply as much of the net income and principal as may be necessary for such person's support, well-being and education, and that the balance of principal and any accumulation of support, well being and education, and that the balance of principal and any accumulation of income remaining in the hands of the trustee be paid to such person upon attaining the age of twenty-five years. If my Trustee, in my trustee's sole discretion determines that it is desirable to do so, my trustee may, without further responsibility terminate any trust under this will and pay the then-remaining principal and income of that trust to the person then eligible to receive income therefrom...
If any such person is a minor, or is, in my trustee's opinion disable by illness or other cause, my trustee may pay any amount distributable to him or her parent or guardian or to any person or organization taking care of him or her, or in the case of a minor, may deposit it in a savings account in the minor's name payable to him or her at majority. I direct that such payments be made without the intervention of a guardian and the receipt of such person as may be selected by my trustee to disburse the same shall be a sufficient acquittance."