B
BC02
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What is the name of your state? Indiana
My brother, sister and I are members of a Trust set up by my grandmother. My father is the Trustee. The Will stipulates that the Trust is to be divided equally among the children upon the youngest childs 21st birthday. It also allows for the land to be sold and invested and used for our individual benefit, while still being in a Trust. As the youngest child has reached and surpassed the age of 21, we have still been unable to reach an agreement on what to do. Our Trustee had an informal meeting with a local judge who told him we could not do anything because of the current Trust laws. Apparently, because the Will and Trust do not specify the children by name, it is open ended and leaves the "possibility of a future undetermined heir" and therefore, "you have to wait until your father passes on". Our father is 75 and does not plan to or want more children. We feel that the terms of the Will and Trust have been fulfilled.
Is there a way to dissolve/distribute the Trust?
My brother, sister and I are members of a Trust set up by my grandmother. My father is the Trustee. The Will stipulates that the Trust is to be divided equally among the children upon the youngest childs 21st birthday. It also allows for the land to be sold and invested and used for our individual benefit, while still being in a Trust. As the youngest child has reached and surpassed the age of 21, we have still been unable to reach an agreement on what to do. Our Trustee had an informal meeting with a local judge who told him we could not do anything because of the current Trust laws. Apparently, because the Will and Trust do not specify the children by name, it is open ended and leaves the "possibility of a future undetermined heir" and therefore, "you have to wait until your father passes on". Our father is 75 and does not plan to or want more children. We feel that the terms of the Will and Trust have been fulfilled.
Is there a way to dissolve/distribute the Trust?