Trust fund advice

[bigwtx]

What is the name of your state? Texas

I am the recipient of an irrevocable trust set up by my Great Aunt. Any funds left over are to be distributed to a poetry fund in Arizona. It is stated in the trust that my benefits are for "education and maintenance." I have fought with the trust officer (Bank of America) for increases in the distribution. Upon request for money for college tuition, the trust officer recommended that I attend a Community College. Currently, I am paying tuition out of pocket, and the trust is alotting about $1000 per month for living expenses and paying for books. Bank of America refuses to distribute more, saying that the trust "can not afford it." I watch the money gain in interest each quarter and keep thinking that I should be getting more out of it.

Is it possible to take legal action against this Trust Officer, who I believe is not distributing the funds per the trust agreement?

Thank you for your help!

 

[Betty]

The trustee distributes the assets of the trust at his discretion re support & education. The trustee needs to do what he believes is necessary to protect the assets (conserve the property) of the trust & minimize taxes.

 

[pojo2]

Only you and the trustee know what the trust agreements says therefore for us to tell you he/she is indeed being mean to you we would have to see the agreement and how much money is in the trust.


Only an Atty who goes over the agreement would be able to tell you if you have a case for legal action.

 

[Dandy Don]

How much was the trust worth in the beginning and how much is in it now?

You have the right to attend college anywhere you choose and the trustee is somewhat overstepping his discretion by suggesting HE choose where you go.

Did the trust specify the total amounts or monthly amounts you were supposed to receive for education?

You need to have a local trust attorney review the trust and figure out your options.

DANDY DON IN OKLAHOMA ([email protected])