• FreeAdvice has a new Terms of Service and Privacy Policy, effective May 25, 2018.
    By continuing to use this site, you are consenting to our Terms of Service and use of cookies.

trust funds

Accident - Bankruptcy - Criminal Law / DUI - Business - Consumer - Employment - Family - Immigration - Real Estate - Tax - Traffic - Wills   Please click a topic or scroll down for more.

A

advisoryhelp

Guest
What is the name of your state? Ohio
My question is, my daughter recieved an trust fund when her great aunt passed away. Is it possible for the parents to collect on the trust fund without going to probate court. The aunt's brother is excutor of the estate, can he help without us going to court.
 


nextwife

Senior Member
She received it or she is to recieve it?

If the trust fund already exits, the trustee is reponsible to distribute money out of the trust in accordance with the trust document requirements. If the trust is being set up out if the estate, the trustee cannot make a distribution until the trust is in place, and even then, it depends on the trust.
 

Dandy Don

Senior Member
Is the daughter a minor?

If executor has information about this trust fund, you need to be asking him who the trustee is, because that is the person that will be administering the trust fund.

What do you mean when you say the parents "collect on the trust fund"--do you mean when will they be given control of it? Parents, as guardians, can review where the account is set up but can not spend the money on themselves, since this is money that must be set aside for the daughter to get access to perhaps when she reaches adulthood or meets whatever conditions were described in the trust fund. Is the money to be used for her college expenses or for general living expenses while she is still a child?

You need to find out whether or not an actual trust document was created that names the daughter as trust beneficiary or whether this trust fund is set up at a bank where the account has the title of "DAUGHTER'S NAME, TRUST ACCOUNT". If there is a trust document, then parents have the right to see it, and probate will probably not even be needed, since the trust is normally a private document that is administered outside of probate.
 

Find the Right Lawyer for Your Legal Issue!

Fast, Free, and Confidential
data-ad-format="auto">
Top