Trustee told me that there are funds for me but there is nothing in trust or writting

[_ZardoZ_]

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

After my dad passed my sister, the sole trustee of his trust, informed me in an email that he had asked her to provide me a sum of money for a car that I can ask her for at any time. This sum of money for the car is not in the trust document and I asked her about this and she said that there is nothing in writing and there are no conditions or stipulations regarding the funds.

Is her email binding – I mean how do I protect this sum, or should I ask for it right away?

Anything I should be aware of upon reception of the funds or what to know as far as taxes etc.?

Thank You

 

[latigo]

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

After my dad passed my sister, the sole trustee of his trust, informed me in an email that he had asked her to provide me a sum of money for a car that I can ask her for at any time. This sum of money for the car is not in the trust document and I asked her about this and she said that there is nothing in writing and there are no conditions or stipulations regarding the funds.

Is her email binding – I mean how do I protect this sum, or should I ask for it right away?

Anything I should be aware of upon reception of the funds or what to know as far as taxes etc.?

Thank You

Suffice it to say that a trust instrument cannot be verbally altered or amended. Not by the trustor or the trustee. The trustee is bound to administer the trust as it is written, no more no less.

And should she invade the corpus to fund you a vehicle, as you and she seem to agree, or for any purpose other than as expressly directed, it would amount to criminal embezzlement!

However, if all of the beneficiaries are in agreement to you getting new wheels at their expense, she should take up the matter with her attorney.

 

[_ZardoZ_]

thanks for input...

So as POA/Trustee she should know all this?

Her husband is a big time lawyer and drew up the trust document as per my dad. He is 2nd in line if she is incapacitated.

I don't know why they didn't add/amend these funds/benefit to the document before my dad passed...maybe the funds will come from her benefit or as trustee, as per a trust instruction that I am unaware of, allows her to do this with certain funds she is in control of?

Thanks, don't want to break the law!

 

[LdiJ]

So as POA/Trustee she should know all this?

Her husband is a big time lawyer and drew up the trust document as per my dad. He is 2nd in line if she is incapacitated.

I don't know why they didn't add/amend these funds/benefit to the document before my dad passed...maybe the funds will come from her benefit or as trustee, as per a trust instruction that I am unaware of, allows her to do this with certain funds she is in control of?

Thanks, don't want to break the law!

If her husband is an attorney he is not going to let her do anything that would get her in any trouble, so I wouldn't worry about it.

 

[curb1]

Are there any other beneficiaries? Is sister planning on distributing the assets in the trust soon?

 

[_ZardoZ_]

clueless

Are there any other beneficiaries? Is sister planning on distributing the assets in the trust soon?

I don't know if there are other beneficiaries, but I'm sure there are.

At one point I got a check from my dad's bank account, then from one with "revocable trust" on it, and now, after dads passing, one with "family trust" on it - should I have been informed about these changes and what was/is happening?

I am not looking for trouble - just to understand what should happen by law and how to be responsible.

I asked for a copy of the trust document and the will but only got what seems to be a portion that relates only to my benefit with some clause about "attacking" the estate...?

I get a monthly dividend from some real estate my dad had but am afraid to ask the specifics about the investment and access to information as the figure is variable and at present is my only source of income as I am unemployed and have costly health issues...and am filing for bankruptcy.

She has not provided any info aside from dividend amount and that money for car i brief email from a caregiver.

I thought as trustee she is obligated to provide an accounting or report and so forth to all beneficiaries...she has not indicated one is coming.

I have a number of questions about the process but have to figure out the wording so it does not sound like I am "attacking" the trust.

Thanx

 

[anteater]

Maryland §14–405:

http://mgaleg.maryland.gov/webmga/frmStatutesText.aspx?article=get&section=14-405&ext=html&session=2014RS&tab=subject5

(j) (1) The following persons in the order listed may request an accounting of trust property and transactions:
(i) The transferor or the transferor’s legal representative;
(ii) The beneficiary or the beneficiary’s legal representative;
(iii) The guardian of the person of the beneficiary;
(iv) An adult member of the beneficiary’s family or that family member’s legal representative; or
(v) A person interested in the trust property or a person interested in the welfare of the beneficiary, either of whom the court determines to have a legitimate interest.

(2) The trustee shall provide a written accounting of all trust property and trust transactions for the previous year, or for a longer period if needed for tax purposes, upon request by and at reasonable times to a person authorized in paragraph (1) of this subsection....