Revocable Trusts

[AJJ008]

What is the name of your state (only U.S. law)? Michigan


My siblings and I are part of a revocable family trust. Changes have occurred in the family dynamics and the majority of the trustees want to change the contents of the trust. What is the procedure in changing the trust?What is the name of your state (only U.S. law)?

 

[TrustUser]

trustees can not change the trust document. that is a privilege that only the trustor or grantor, can do.

 

[curb1]

Your siblings and yourself are what part of the revocable trust? Is there a trustor who is alive, and also a trustee? What "contents" do you want to change? And why?

 

[Dandy Don]

How long has the family trust been in existence?

 

[colourfastt]

How long has the family trust been in existence?

What in bloody hell does that have to do with anything? Another zinger from Dandy Dunce.

To the topic at hand, as stated, generally only the settlor(s) (trustor(s)) may change the trust. You state the majority of the "trustees" wish to modify the trust. Do you mean the successor beneficiaries (those who will receive from the trust once the settlors have died)? If so, then the situation is: (1) the settlor(s) may modify the trust in any way; (2) if you are in fact successor beneficiaries then you have no right to see the trust at all, much less have any say as to whether or not it is modified or in what manner it is done.

 

[curb1]

colourfastt,
You said, "if you are in fact successor beneficiaries then you have no right to see the trust at all."

That is interesting. If true I learned something today. Can you elaborate? On the surface that statement gives a "blank check" for the successor trustees to do whatever they like with the assets of the trust with no one to check their actions, devious or not.

 

[Dandy Don]

What in bloody "heck" (no cursing on the message board, colourfastt) does successor beneficiaries have to do with anything--you are reading something into the situation that isn't there. It is more likely that they are primary beneficiaries who already have seen the trust but don't like some of the provisions.

 

[TrustUser]

before we get into any more name calling, let's wait to see if we hear from the op again.

the op left off a lot of details, and it seems likely that the language that the op used is probably not the correct usage.

in regards to the term "successor beneficiaries", i think what was meant is the following :

what we typically call the primary beneficiaries actually are the successor beneficiaries, in that the grantor is the sole beneficiary of the living trust, while the grantor is alive.

and certainly while the grantor is competent, the primary or successor beneficiaries have no right at all to see the document or anything else regarding the trust.

i am not sure about the situation where the grantor becomes incompetent. i am guessing that the primary/successor beneficiaries would have some sort of grounds at that point. but that may not be true. does anyone know for sure about this ?

 

[curb1]

Thank you,

I would like to hear from someone (anyone) concerning the statement made "if you are in fact successor beneficiaries then you have no right to see the trust at all."

That is news to me. Especially if it is in context that the trustor is incompetent or deceased. In that case the "successor beneficiaries" become the beneficiaries and do have a right to see the trust (I believe). What is accurate?

 

[TrustUser]

sure, once the grantor dies, the beneficiaries absolutely have the right to see the trust.

the only gray area, in my mind, is during incompetency.