Can a trust be ended by the current beneficiary?

Trustees have an obligation to balance the needs of the current beneficiary with the needs of the remainder beneficiaries, which can be difficult to manage. End the trust. In some circumstances, if all the current and remainder beneficiaries agree, they can petition the court to end the trust. State laws vary on when this is allowed.

Who is the trustee of my dad’s estate?

My dad left behind four adult children and his wife, our stepmother. He also — bless him — left behind what at the outset appears to be competently produced estate-planning documents: a will and a revocable trust. A bank is serving as the trustee, with a law firm representing the bank.

Is there a way to end a trust?

End the trust. In some circumstances, if all the current and remainder beneficiaries agree, they can petition the court to end the trust. State laws vary on when this is allowed. Usually, the purpose of the trust must have been fulfilled or be impossible. For more information about a trustee’s duties, click here .

Is there a shortfall in my mother’s account?

I eventually discovered I was entitled to see my mother’s accounts for the past six years – she only used one bank. What I discovered shocked me more than I expected. There were various monthly outgoings to my sister and her daughter and a shortfall of £44,000 from the house sale, which seems unaccounted for.

Can a mother change the terms of a trust?

Dear Liza: My father died several years ago, after my mother passes the children inherit equally per both their wills and the Family Trust. Can my mother change the terms of the trust now?

When did my mother pass away and how much money did she have?

My mom died and my sister (a co-signor on the account) wrote checks to us ($70K each) to distribute the money. My mother passed away in July of 2016. She had $220,000 in a checking account, and my sister was a co-signor on that checking account.

Can a trust be set up to withdraw money every year?

Sam: Can you basically set up a trust so that only a certain amount can be withdrawn a year by the trustee? e.g. $3 million trust, max $30,000 a year for the next 30 years? Evan: You wouldn’t do it but you could limit your Trustee’s discretionary power.

When did my mom die and the money go to my sister?

My mom died and my sister (a co-signor on the account) wrote checks to us ($70K each) to distribute the money. My mother passed away in July of 2016.