suprajztwenty
Junior Member
andrew, tx
my great grandmother from rockford IL and i were not very close and i almost feel bad that she included me in her will for that fact. she passed a month ago, my mom had told me the entire story since i live accross the country and couldnt attend the funeral.
so from what she says, my aunt has been directing funds for her since she was diagnosed with alzheimer's and was placed in a home specialized for this. now my mom says that the remaining funds are in trusts-and should be split up by my grandmother (gets half) and my mom and aunt split the remaining. now obviously, where does this leave me? well she says that i had an account set up for me when i was born and its slowly grown interest and is worth about 30k. now dont get me wrong, im only 21 and if i had access to that kind of money all at once, i would more than likely be stupid with it-i understand this is why trusts are there for a reason.
now that all being said, ive also been told that my grandmother is a beneficiary or somone in control(sorry im no good at terms in this matter) and that she needs to sign whatever papers it would require for me to start collecting funds from the account, and that she also has the power to take 50% of whats in there. i wont get into the family battles and disputes, but as far as i know im on good terms with her and she shouldnt have any reason to need the money as she gets a very large sum as it is. but the question is, does she have the power to do this and is there anything i can do to keep it from happening if this is the case? my mom is not very good at explaining how trusts work-but i was always under the asumption that it was a person or company in charge of the assets and they were placed there to keep control of how much you use, and also that it goes to only that 1 person...can somone please clairify and possibly explain what i can do if she decides to be greedy?
thanks in advance
my great grandmother from rockford IL and i were not very close and i almost feel bad that she included me in her will for that fact. she passed a month ago, my mom had told me the entire story since i live accross the country and couldnt attend the funeral.
so from what she says, my aunt has been directing funds for her since she was diagnosed with alzheimer's and was placed in a home specialized for this. now my mom says that the remaining funds are in trusts-and should be split up by my grandmother (gets half) and my mom and aunt split the remaining. now obviously, where does this leave me? well she says that i had an account set up for me when i was born and its slowly grown interest and is worth about 30k. now dont get me wrong, im only 21 and if i had access to that kind of money all at once, i would more than likely be stupid with it-i understand this is why trusts are there for a reason.
now that all being said, ive also been told that my grandmother is a beneficiary or somone in control(sorry im no good at terms in this matter) and that she needs to sign whatever papers it would require for me to start collecting funds from the account, and that she also has the power to take 50% of whats in there. i wont get into the family battles and disputes, but as far as i know im on good terms with her and she shouldnt have any reason to need the money as she gets a very large sum as it is. but the question is, does she have the power to do this and is there anything i can do to keep it from happening if this is the case? my mom is not very good at explaining how trusts work-but i was always under the asumption that it was a person or company in charge of the assets and they were placed there to keep control of how much you use, and also that it goes to only that 1 person...can somone please clairify and possibly explain what i can do if she decides to be greedy?
thanks in advance