Trusts & Estates Law/admin of trust

Advertisement


Question
I am going to receive a trust fund from my parents but my brother is the admin of my trust. Is it possible to have him removed from this position by law and either have someone else or not have anyone at all.

Answer
If the trust is revocable, then the grantor has the ability to replace the trustee. The trust document should have an explanation of how replacement trustees are to be named.

The grantors are your parents. Until they pass away they can make that change. Once they pass away. No-one can. You should find out why your parents want you to have a trust fund.

I'm not saying that someone won't allow you to pay them to file suits and drag you through the legal process, but in the end you probably won't get what you want. However, all the money that was in the trust fund will be gone to pay for legal defense.

Then your brother may just resign.

Trusts & Estates Law

All Answers


Answers by Expert:


Ask Experts

Volunteer


Richard Fritzler

Expertise

Comparing the advantages and requirements of traditional estate practices, and unconventional methods? Are Trusts a viable asset protection vehicle? Is there an alternative to buying life insurance to reduce the impact of the estate tax. Is the elimination of the estate tax during the next decade good for everyone? I can review the benefits and misinformation that exists.

Experience

I have been in the business of assisting business owners in reducing their taxes and liability for over 17 years. We specialize in developing plans that eliminate the estate tax, not find a way to prepay it. Most small businesses do not survive the death of the principal. We want small businesses to not only survive, but flourish.

Organizations
National Small Business Owners Association.
Nevada Association of Listed Resident Agents.
Citizens Legal Association

Publications
Contributing author to "The Corporate Standard Newsletter".

©2016 About.com. All rights reserved.