jgvansickle
Junior Member
I am a co-trustee and by beneficiary of my own trust - it is a testamentary trust.
The will (trust document) says I get only income until age 60.
My brother was the original co-trustee but because of an indemnification clause
he wanted out. It originated in England as as we had moved to the USA the trust funds
were transferred to the US and a probate court assigned a small bank in Michigan to be
the co-trustee.
For the past 9 years we have received a small amount of monthly income. I had asked the
bank on 2 occasions to invest in Gold and they said "No". They actually did not recognize
me as a trustee until they finally read the documents recently. I want to be indemnified
for the loss in gold investment.
7 years later I accidently found out the court "Closed supervision of the trust and closed
the file". I had to pay to get a copy of the court order, it says the Trustee must give notice
of this order to all trust beneficiaries - I never got that.
I have read that if the trustees and beneficairy are willing then the trust can be dissolved.
Hence thats me and the bank. They are not willing to do this - likely because of the fees
they get.
The power in the will says the trustees have "Power to invest moneys comprised in my Trust Fund
and transpose investments as if they were a sole beneficiary**************"
The trust is valued at about $170,000 adn I want it dissolved - my family were in great shape
when my Mother wrote this will - circumstances have changed dramatically - and I know she would
want us to have complete access to the funds.
Any Ideas - Thankyou Kindly - We are looking to Hire - we currently live
in Missouri
Julie
The will (trust document) says I get only income until age 60.
My brother was the original co-trustee but because of an indemnification clause
he wanted out. It originated in England as as we had moved to the USA the trust funds
were transferred to the US and a probate court assigned a small bank in Michigan to be
the co-trustee.
For the past 9 years we have received a small amount of monthly income. I had asked the
bank on 2 occasions to invest in Gold and they said "No". They actually did not recognize
me as a trustee until they finally read the documents recently. I want to be indemnified
for the loss in gold investment.
7 years later I accidently found out the court "Closed supervision of the trust and closed
the file". I had to pay to get a copy of the court order, it says the Trustee must give notice
of this order to all trust beneficiaries - I never got that.
I have read that if the trustees and beneficairy are willing then the trust can be dissolved.
Hence thats me and the bank. They are not willing to do this - likely because of the fees
they get.
The power in the will says the trustees have "Power to invest moneys comprised in my Trust Fund
and transpose investments as if they were a sole beneficiary**************"
The trust is valued at about $170,000 adn I want it dissolved - my family were in great shape
when my Mother wrote this will - circumstances have changed dramatically - and I know she would
want us to have complete access to the funds.
Any Ideas - Thankyou Kindly - We are looking to Hire - we currently live
in Missouri
Julie