Guardian of Trust

[jonivg]

What is the name of your state (only U.S. law)? Our state: Indiana

Trust: Wisconsin

My son, 23 years old has a trust set up by my sister, who passed away in 1995. Her partner was assigned to be guardian of the trust by my sister. The funds are now down to $20,000 from $150,000 - The trust is to apply solely to education. He will at age 30 be given the remaining amount in trust. Each year the guardian charges a $1000 towards the trust for handling of same.

Without charging negligence, is there any way to change the guardian? family members have agreed to handle the trust at no charge. The guardian does not wish to give it up because she says she needs the money.

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

 

[tranquility]

The trustee can be changed by the terms of the trust or if the trustee has breached her fiduciary duties.

Institutional trustees are infamous for such bulldog behaviors as a profit center. There is nothing inherently wrong with an individual acting like this.

 

[jonivg]

trust

thank you for the information - I will have to review the trust agreement.

Sincerely,

Joni

 

[latigo]

Unfortunately I don't know what a “guardian of a trust” is. But I suspect that we share the same misfortune because in Indiana, as in every other state:

‘"Guardian"’ means a person who is a fiduciary and is appointed by a court to be a guardian or conservator responsible as the court may direct for the person or the property of an incapacitated person or a minor.” Indiana Code IC 29-3-1-6

And the Code doesn’t say anything about there being a guardian of a trust. And note that a Guardianship can only exist upon the appointment of a Guardian and by court order.

I suspect you are confusing a court appointed Guardian of a minor or incapacitated person with a Trustee of an inter vivos trust who is not appointed by the court.

By all means you should look to the trust instrument, but in so doing I doubt that you will know a great deal more than you do now. Ultimately you are going to need professional advice and assistance. Especially should you folks be of a collective mind to try and unseat the person currently administering the trust.

 

[tranquility]

Unfortunately I don't know what a “guardian of a trust” is.

I assumed the OP mean trustee, which is why I used it in my answer. But a guardian of a trust or trust guardian is a person who is empowered to remove the trustee.

 

[jonivg]

trust

My son was a minor when the trust was set up. Anyway, I still have to review the wording. My son & I were living in wisconsin when my sister died. The trust was issued in wisconsin. My son and I moved to indiana about two years later. Which state should be handling the trust?

I hope to decifer the wording on the trust fund, but not much hope there.

thank you for your responses.