Trustee Resignation Question

[barbshelly]

What is the name of your state?What is the name of your state?CA
Mother has Alzheimer's. Her living trust names all three children as co-trustees and POA lists all three children as co-POAs.

One sibling is in a financial bind and would like to resign as trustee and co-POA in exchange for being permitted to take "his share" of mother's assets now, even though she is still alive. Care of mother would not be jeopardized by such action. If all siblings agree, is this permissible?

 

[BlondiePB]

What is the name of your state?What is the name of your state?CA
Mother has Alzheimer's. Her living trust names all three children as co-trustees and POA lists all three children as co-POAs.

One sibling is in a financial bind and would like to resign as trustee and co-POA in exchange for being permitted to take "his share" of mother's assets now, even though she is still alive. Care of mother would not be jeopardized by such action. If all siblings agree, is this permissible?

Do the terms of the trust state that this is permissible?

 

[barbshelly]

Resignation of trustee: follow-up

Nothing in the trust deals specifically with this kind of issue. The co-POAs, who are also siblings and the beneficiaries of the trust, however, have control of the assets in the trust. Essentially, one sibling would like to collect his expected inheritance (as specified in the trust) now and give up his right to all inheritance once the trust dissolves. He would also resign as co-trustee and co-POA. The other siblings are willing to cooperate if this is legally possible.

 

[BlondiePB]

Nothing in the trust deals specifically with this kind of issue. The co-POAs, who are also siblings and the beneficiaries of the trust, however, have control of the assets in the trust. Essentially, one sibling would like to collect his expected inheritance (as specified in the trust) now and give up his right to all inheritance once the trust dissolves. He would also resign as co-trustee and co-POA. The other siblings are willing to cooperate if this is legally possible.

Take the trust document to an estate attorney who can read the terms of the trust and give you the legal counsel you need for this matter. I will not give the "green light" to you on this matter because I cannot read the documents. Pay for the attorney fees with the trust.

 

[Dandy Don]

There is no way on earth that sibling would be able to legally get any money from this living trust while the lady is still living.

 

[BlondiePB]

There is no way on earth that sibling would be able to legally get any money from this living trust while the lady is still living.

Maybe there's not, maybe there is. Who really knows without reading the ENTIRE document - and that's exactly what a trust attorney will do.