brewski52_4 asked:
I am the beneficiary of an “irrevocable trust”. The “grantor” is a conservator for my alive 100% disabled Veteran father. I have talked to the P.C. who established the trust with the conservator. He tells me that The terms of the trust are that all assests in the trust are turned over to me when i turn 21 years old. It gets a little tricky and here is where i need help. My mother who is divorced from my father is the “trustee” of my irrevocable trust. When I was younger, she borrowed money from the trust to purchase a piece of real estate for our family. She is now being forced to either sell the property or pay the remainder of the mortgage off. Luckily, the property has been sold. However, the conservator now tells her that the finances from the mortgage go back into the trust and that I do not recieve any assets until my father is deceased. The conservator is really shady and does not tell me much. But like i said the lawyer who established the trust told me that all assets are turned over to me at that age. Who should I believe and if the terms have been changed can I fight it?
Annette Madara
I am the beneficiary of an “irrevocable trust”. The “grantor” is a conservator for my alive 100% disabled Veteran father. I have talked to the P.C. who established the trust with the conservator. He tells me that The terms of the trust are that all assests in the trust are turned over to me when i turn 21 years old. It gets a little tricky and here is where i need help. My mother who is divorced from my father is the “trustee” of my irrevocable trust. When I was younger, she borrowed money from the trust to purchase a piece of real estate for our family. She is now being forced to either sell the property or pay the remainder of the mortgage off. Luckily, the property has been sold. However, the conservator now tells her that the finances from the mortgage go back into the trust and that I do not recieve any assets until my father is deceased. The conservator is really shady and does not tell me much. But like i said the lawyer who established the trust told me that all assets are turned over to me at that age. Who should I believe and if the terms have been changed can I fight it?
Annette Madara
An attorney without knowing whatelse is get copy of the best thing for you to say irrevocable trusts cannot be changed or at least the trust its hard to be read by an attorney without knowing whatelse is in any way good luck.
For you to say irrevocable trusts cannot be changed or at least the ones have come across in any way good luck.
I agree with other answer.
You need a copy of the trust. Period.
But, Mom is Trustee, Right?
and she is being told “that the financies from the mortgage”?
do you mean profits from the sale of Real Estate?
are you or Mom thinking you can have the gains rather than that
money being returned to the trust?
How long ago was Trust written?
What state was father in when written?
What state does Father and You now live in?
The lawyer and 21 year old gets assets.
Do not be surprised if everyone is correct. Partially.
If Dad dies, and you are 21 or older you recieve the assets.
If Dad is alive you do not recieve any assets.