interpretation needed

[Turkish Gold]

Interpretation Needed For Trust

Please explain what this means.

Appointment of Trustee

If ___________ (current trustee) resigns, be removed, dies or for any other reason ceases to serve as Trustee, the successor Trustee may be one or more qualified natural persons or corporatons, serving as sole Trustee as from time to time determined by _____________ (beneficiary), without further approval of this Court, but accomplished by ___________ (beneficiary)'s and the serving successor Trustee's causing to be recorded in the Official Public Records of ___________ (county, state), a memorandum signed by ___________ (beneficiary) and the successor Trustee declaring the circumstances under which that successor Trustee is serving, and including the address and telephone number of the successor Trustee.

 

[Dandy Don]

If the current trustee can not serve for any reason, the beneficiary gets to choose who the successor trustee will be.

DANDY DON IN OKLAHOMA ([email protected])

 

[Turkish Gold]

Interpretation Needed For Trust

Does this mean the beneficiary can fire the current trustee???

Then hire another trustee???

And handle all of this transtion???

 

[Dandy Don]

Why would the beneficiary want to do that? You need to consult a local trust attorney about that. It's very difficult to get a trustee removed or fired unless they are guilty of some type of misconduct.

 

[Turkish Gold]

I am looking at the wording that states "as from time to time determined by ______ (beneficiary) without further approval of the court. The trustee involved in this trust has not given formal accounting to beneficiary. Beneficiary requested an accounting and only received a partial accounting.

The wording tells me the beneficiary has the authority to fire current trustee, choose new trustee, and do the all the paper work and get it filed in the courts.

Please explain what this means.

Appointment of Trustee

If ___________ (current trustee) resigns, be removed, dies or for any other reason ceases to serve as Trustee, the successor Trustee may be one or more qualified natural persons or corporatons, serving as sole Trustee as from time to time determined by _____________ (beneficiary), without further approval of this Court, but accomplished by ___________ (beneficiary)'s and the serving successor Trustee's causing to be recorded in the Official Public Records of ___________ (county, state), a memorandum signed by ___________ (beneficiary) and the successor Trustee declaring the circumstances under which that successor Trustee is serving, and including the address and telephone number of the successor Trustee.

 

[Turkish Gold]

Interpretation Needed For Trust

My daughter -n- law was given this trust and having trouble with the trustee. It seems to me she has legal rights here?????? What are your thoughts????

 

[Dandy Don]

What state applies here?

How do you know that the accounting is only a partial one?

Are there any other specific complaints against the trustee?

It does sound like you have cause for concern. Your daughter needs to get her own trust attorney so she can take steps to prevent possible abuse by this trustee--such as asking for the trustee to purchase a trustee's bond and also to find out how to bring charges if he is guilty of breach of duty.

A trust is a private matter that will not involve court action unless there is misconduct by the trustee.

DANDY DON IN OKLAHOMA ([email protected])

 

[Turkish Gold]

info


1. What state applies here? Texas and Oklahoma

2. How do you know that the accoutning is only a partial one?
My daughter -n- law has a listing of all the assets in the trust. The trustee has given her a copy of the bank account upon which she found discrepancies. Trustee has never given her anything on the rest of the assets in trust.

3. Here is where the problems begin.
She asked trustee about the descrepancies and he looked it over and agreed. Several months later trustee was asked again for an accounting and he informed my daughter -n- law he was so busy and it would be four months before he could do anything. Then four months went by and she asked again to have trustee tell her that he was too busy and going to have to extend it another three months. She asked him about the discrepancies and he said he would look into it. So she called some of the companies that the trust received income from and found out that some small checks were made out in the trustees name and being sent directly to the bank. The companies would not change the name to the trust name with out the trustee requesting it. Daughter -n- law asked trustee again to check this out and make necessary changes. From this point on anytime she called trustee he would yell at her and go on and on about how she was interrupting him and she did not ask for permission to speak to him about trust business.

4. Absolutely no accounting of these assets.
Also, monies in trust have been invested with an investment company and she has never received an accounting on any of it. All the trustee will tell her is the total amount but will not give her any physical proof.

5. Trustee gets very defensive and out talks my daughter -n- law and her husband and says that my daughter -n- law has trust issues and her distrust of people is causing the problems. Trustee keeps saying that she is welcome to call anytime and he will give her a verbal accounting and he has done so much to help her.

Well the truth of the matter is she is calling and he does only tell her what a total amount is but he has totally refused to give her anything on paper.

What state applies here?

How do you know that the accounting is only a partial one?

Are there any other specific complaints against the trustee?

It does sound like you have cause for concern. Your daughter needs to get her own trust attorney so she can take steps to prevent possible abuse by this trustee--such as asking for the trustee to purchase a trustee's bond and also to find out how to bring charges if he is guilty of breach of duty.

A trust is a private matter that will not involve court action unless there is misconduct by the trustee.

DANDY DON IN OKLAHOMA ([email protected])

 

[Turkish Gold]

trust issues

I just got word from my daughter -n- law that the trust cpa is having a difficult time getting information from trustee. He is only getting partial info and for the past month and two weeks has made several calls to the trustee requesting info and is not getting any return phone calls.

What steps need to be taken now??? Please read the very first post before answering.

 

[Dandy Don]

Get an attorney's help, as you have been advised before. An attorney can get information from the trustee. But you won't do it since you'd rather make long postings here to show how much you know.

 

[Turkish Gold]

trust

Sorry I offended you that was sure not my intent. I thought that giving information was being helpful, but guess I was wrong. Again my apology!

 

[Turkish Gold]

trust

Was informed today CPA told trustee, he was hiring an attorney and getting a court order for him to provide full accounting and to replace trustee with new trustee. So there Dandy Don, I hope you are happier now that an attorney has been hired. It just seems to me my daughter -n- law and cpa tried very hard to do this in appropriate manner.

It just seems a little frustrating to me that a grown man would act this way. I have my concerns about figthing with someone that has their hands on the check book, but this will probably stop the abuse now.

Thanks Dandy Don for all your help.