Living Trust - Grandchildren

[Confusedtoo]

What is the name of your state? FL

My parents passed away over 2 years ago. They set up a "living trust" in the state of Texas. My oldest sister (and only sib) is listed as the 1st trustee and I am the second.

There are 2 grandchildren (which are mine) who received part of the living trust however, she has kepted the money in a reg. checking account. Both grandkids are over 18 and want "there own" money in an account that will draw interest. I have asked her many times to change the accounts or to at least allow me to do something with it but she refuses. Neither one (kids) can or is allowed access to this money (we both agree on this) unless they go through her (It's her way or no way). It's not for "shopping or having fun". (I agreed to this)

Also, they (grandchildren) have pre-paid college funds under this living trust. Which again, I can not get any information from the plan regarding how much is left so that I can direct the kids on what to do (i.e. what they/I might owe the school once it's gone). The statements go to her house and she does not forward them. Can't change the mailing address unless she contacts them. (the plan)

I have asked for finanical records of my parents and a copy of the will (just of have myself) and after 2 years I have not received anything. The only thing that was in the will (that I read, when I got a chace to read it at her house) was that WE where to split everything 50/50..... but she is the one who came up w/the grandchildren receiving part of the money.... which was fine w/me (we agreed on the amounts and I have received my portion).

The only thing that I'm really scared of is, if something was to happen to her, her husband would get the grandchildrens money.... right?

Is there anything (without the copy of the trust/will) I can do so that I can communicate w/the bank and college plan?

Thanks for ANY advice,What is the name of your state?

 

[anteater]

There are 2 grandchildren (which are mine) who received part of the living trust however****************************..

.... but she is the one who came up w/the grandchildren receiving part of the money.... which was fine w/me (we agreed on the amounts and I have received my portion).

So, were the grandchildren named as beneficiaries of the living trust by your parents or not?

 

[Confusedtoo]

No. As I posted, my sister and I where listed. She decided to "add" the grandchildren in when it came to split the money. We (her and I) agreed on that.

Don't get the wrong idea here... my sister and I do get along... we just don't see eye to eye sometimes because she always has to be "incontrol" of her little sister (me).

 

[anteater]

No. As I posted, my sister and I where listed. She decided to "add" the grandchildren in when it came to split the money. We (her and I) agreed on that.

Don't get the wrong idea here... my sister and I do get along... we just don't see eye to eye sometimes because she always has to be "incontrol" of her little sister (me).

Sorry...... but you keep throwing out little tidbits that make it hard to figure out exactly what when on. A trustee cannot just "add" beneficiaries. Who is the owner of these accounts? Not still the living trust, I assume? Sister? In an UTMA? You said that you received your portion. Does that mean that your children's "portion" came from sister's share of the living trust?

It all sounds like you and sister played "Let's Make A Do-It-Yourself Informal Deal" and now you would rather have Door Number 2.

 

[Confusedtoo]

Bottom line....

The living trust that my parents left, They assigned my sister as #1 and I am #2beneficiaries/trustee... not sure on the language

When it came to spliting the funds she and I came up with an amount for the grandchildren.... we took "that amount off the top" and then she and I split the rest 50/50 per my parents request.

The funds are still in my parents "living trust checking account", but she is the only signer.

I'm not asking for another "door" to choose from. I'm trying to figure out how my children can obtain information regarding there funds.

 

[Dandy Don]

You are a co-trustee and you can't even figure out what is going on here?

You need to consult a trust attorney to find out how to get your sister to provide you with detailed information about the trust you are both supposed to be managing. She has a certain amount of control as trustee but she is irresponsible in not giving you and the beneficiaries full information so that appropriate decisions can be made. You need to be asking her exactly what is the money to be used for--is it totally just a college fund account or is it just general trust money to be used for living expenses when they reach adulthood?

Is she completing tax accounts for the trust annually? Providing you or the beneficiaries with an annual accounting statement? Have beneficiaries even seen a copy of the trust?

DANDY DON IN OKLAHOMA ([email protected])

 

[Confusedtoo]

I love this!!

You are a co-trustee and you can't even figure out what is going on here? Yes, I'm aware I am the co-trustee.. but she is holding everything this is why I'm asking here

--is it totally just a college fund account or is it just general trust money to be used for living expenses when they reach adulthood? College fund is a seperate issue.... but!! it's under my parents "living trust" and the PLAN can't/wont talk to me about it because she is listed as the 1st trustee************** THEN we have the "trust fund" we both agreed on the amount for the grandchildren, we both (sis and I) know what the money is for... this account is the one that is still in my parents "living trust checking account" and she has total control over it.

Is she completing tax accounts for the trust annually? Providing you or the beneficiaries with an annual accounting statement? Have beneficiaries even seen a copy of the trust?
this is the "joke"... I have asked for copies of everything and all she says is "why"... ...completing tax accounts annually?? you mean to the IRS? I know she had to get a TAX ID # after they had passed. But other than that, I can't tell you because I'm in the dark.

 

[BlondiePB]

I'm Confused Too

https://forum.freeadvice.com/search.php?searchid=1205943

The OP is both an ex-wife and an ex-husband. As and ex-wife, she lives in CO.

Originally Posted by Confusedtoo
What is the name of your state? Colorado

I am in a bit of mess My ex-husband has been fighting agressively to get out of his child support responsibilities,

https://forum.freeadvice.com/showthread.php?t=255450

As the ex-wife in CO, she filed for bankruptcy.

Originally Posted by Confusedtoo
What is the name of your state? Co

My ex filed for bankruptcy a few years ago. He charged on a "joint" account (after our divorce) that I had thought I closed. The statments went to his address therefore I was not aware of the charges

.
https://forum.freeadvice.com/showthread.php?t=255339

As an ex-husband, he lives in FL.

Originally Posted by Confusedtoo
What is the name of your state? fl

Okay here is the scoop. My ex wife (lives in TX) has not paid child support... But, she has been able to pay $600 a month for her chapter 13 bankruptcy....

https://forum.freeadvice.com/showthread.php?t=286355

The OP does not have any siblings.

Originally Posted by Confusedtoo
What is the name of your state? Fl

My father bought several homes while I was a child. He placed them in my name several years ago, while I was married. They are under my name only, I have no other sibs. Now I'm about to file for divorce, does she have the right to the properties?

Thanks for your response!!

https://forum.freeadvice.com/showthread.php?t=250085

Originally Posted by Confusedtoo
My oldest sister (and only sib) is listed as the 1st trustee and I am the second.

The Op is successor trustee, not co-trustee.

The OP filed bankruptcy, the OP is a deadbeat parent owning child support.

The OP is a liar.

 

[anteater]

Why do you keep placing "living trust" in quotes? Either there is/was a revocable living trust or there wasn't.

What is this "1st trustee/2nd trustee" stuff? Co-trustees are equals. A contingent trustee serves if the primary trustee is unable to or unwilling to serve. Which are you?

What is this "trust fund" that you refer to? "I'm trying to figure out how my children can obtain information regarding there funds." From the little that I can put together of your story, the funds are not your children's. The children were not beneficiaries of the trust and you and sister have not made any formal gifts to them.

I repeat what I said previously: you and sister played "Let's Make a Deal" without formalizing anything. Now, you have two choices:

1) Get an attorney and take sister to court to demand the information.
2) Trust your sister.

 

[anteater]

https://forum.freeadvice.com/search.php?searchid=1205943

The OP is both an ex-wife and an ex-husband. As and ex-wife, she lives in CO.

https://forum.freeadvice.com/showthread.php?t=255450

The OP does not have any siblings.

https://forum.freeadvice.com/showthread.php?t=250085


The Op is successor trustee, not co-trustee.

As Mr. Spock would say, "Fascinating."

 

[BlondiePB]

Why do you keep placing "living trust" in quotes? Either there is/was a revocable living trust or there wasn't.

What is this "1st trustee/2nd trustee" stuff? Co-trustees are equals. A contingent trustee serves if the primary trustee is unable to or unwilling to serve. Which are you?

What is this "trust fund" that you refer to? "I'm trying to figure out how my children can obtain information regarding there funds." From the little that I can put together of your story, the funds are not your children's. The children were not beneficiaries of the trust and you and sister have not made any formal gifts to them.

I repeat what I said previously: you and sister played "Let's Make a Deal" without formalizing anything. Now, you have two choices:

1) Get an attorney and take sister to court to demand the information.
2) Trust your sister.

Look at my edits above. This OP is full of it!!

 

[Confusedtoo]

blondie

Blondie.... if you would of read ALL those posts, I explained on one or more that I was asking questions for OTHER people**************.. I have only asked here under WILLs/Trusts for myself.... period!!!!

I enjoy this site but I knew that someone was going to find the old posts and bring them up... but I thought maybe, just maybe that who ever read it would just assist me.... not bring up my old posts.... guess I was wrong.

Back to the other response... I have always thought I would have to get an attorney to clearify everything that she did and that I agreed on....yes, I do trust her but, there are still many questions that she is not answering.

I guess I should be like IAAL and change my screen name so that people don't assume that I'm a liar/deadbeat parent. I just try to help out as many of my friends as I can... I do have a heart, not like some of ya'll. When you don't have the full story or know the situation you should not jump on them and assume...... Good day!