Trust Fund

[Sandi R.]

What is the name of your state?What is the name of your state? Ohio

I have a cousin who is 65. His parents were well off and left him a Trust Fund. He is independent, but due to some mental health issues chooses to live in a Group Home. He is given money out of his Trust Fund every month, and lives very meagerly. His Trust Fund is substantial. We are his only family and he comes and stays with us frequently. He would like to loan us the money to pay off our mortgage, and it's about a 7th of his Trust Fund, but his Trust Officer has told him no. He really wants to do this for us, and we would pay him back monthly payments. He was told by one person at his bank that a committee could meet about it, but now he's afraid of his Trust Officer. Would it help if I wrote a letter to the Trust Officer at his bank explaining that he would like to do this for us? Could a phone call to the bank from a lawyer make any difference in their decision?

Thanks,
Sandi R.

 

[BlondiePB]

Would it help if I wrote a letter to the Trust Officer at his bank explaining that he would like to do this for us?

No.

Could a phone call to the bank from a lawyer make any difference in their decision?

No.

This is neither your cousin's nor your decision. Though it is a nice gesture for your cousin to want to do this, explain to him that you will be exchanging payments for payments.

And, are you going to cover the administration costs for the Trustee to do all this, including the additional monthly expenses for additional accounting, etc. that will be tolled to the trust fund?

Quite frankly, I don't see this happening at all.

Thanks,
Sandi R.

You are welcome.