Irrevocable Trust and Beneficiary Rights

[Madalein]

What is the name of your state?What is the name of your state? Ohio. What right does a beneficiary have if he/she feels that another beneficiary has a conflict of interest and is purposely misleading other beneficiaries into making changes that do not benefit the Trust as a whole. The changes he/she is attempting to make provide a sole monetary gain to the individual beneficiary while the Trust as a whole suffers a significant monetary loss. The Trustee is a financial institution. Also do beneficiaryies have the right to specific Trust information such as past and future statments?

 

[seniorjudge]

What is the name of your state?What is the name of your state? Ohio. What right does a beneficiary have if he/she feels that another beneficiary has a conflict of interest and is purposely misleading other beneficiaries into making changes that do not benefit the Trust as a whole. The changes he/she is attempting to make provide a sole monetary gain to the individual beneficiary while the Trust as a whole suffers a significant monetary loss. The Trustee is a financial institution. Also do beneficiaryies have the right to specific Trust information such as past and future statments?

Also do beneficiaryies have the right to specific Trust information such as past and future statments?

Yes.

But what do you mean that the beneficiaries are making changes?

Your post is rather vague.

 

[Madalein]

Thank you for your response. One beneficiary is obtaining signatures from the other beneficiaries. He/She is seeking to change the terms of a Promissory Note due to the Trust from that beneficiary. In obtaining these signatures he has falsely claimed a "mistake" in the terms of the original Note and is seeking a 3.1 percent interest reduction. The Note is 2 years old and 2 years in arrears and I have only just been notified of that. And even then only because I was approached for my signature. How can I protect the Trust.

 

[seniorjudge]

Thank you for your response. One beneficiary is obtaining signatures from the other beneficiaries. He/She is seeking to change the terms of a Promissory Note due to the Trust from that beneficiary. In obtaining these signatures he has falsely claimed a "mistake" in the terms of the original Note and is seeking a 3.1 percent interest reduction. The Note is 2 years old and 2 years in arrears and I have only just been notified of that. And even then only because I was approached for my signature. How can I protect the Trust.

The trustee must protect the trust. You need to discuss your concerns with the trustee.