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Can a trustee spend a trust fund if the fund has no legal paper work with it?
Anonymous3 views3 answers
My great grand mother set up a trust fund for my older sister & I & my grandmother was in charge of adding to the fund each year. I was always told I had a trust fund & could have it anytime I wanted, yet some how, my trust fund was spent & I've been given different reasons why while my older sister has been given hers.
If the trust was set up for you as the beneficiary, the trustee has a fiduciary duty to you to maintain the trust fund for your benefit. You should hire a local attorney to look into this matter to see if they can recover any of this money for you.
Any individual seeking legal advice for their own situation should retain their own legal counsel as this response provides information that is general in nature and not specific to any person's unique situation. Circular 230 Disclaimer - Advice given in this response cannot be used to eliminate penalties with the IRS or any other governmental agency.
As the previous response indicated, you should look into the circumstances. Who is the trustee? Have you received any accountings from the trustee? Do you know if your share was spent on your needs, possibly indirectly? If you don't get satisfactory answers to these questions, you should consider hiring an attorney with experience in this area.
Attorney Glenn Jarrett focuses his practice on estate planning, elder law, special needs and probate and trust administration.
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Disclaimer: Please note that this answer does not constitute legal advice, and should not be relied on since each situation is fact specific, and it is impossible to evaluate a legal problem without a comprehensive consultation and review of all the facts and documents at issue. This answer does not create an attorney-client relationship.
If a formal trust fund was set up, the tne Trustee of the Trust has a fiduciary responsibility to apply the funds according the the Trust document. A first step would be to find out the name of the Trustee and obtain the Trust documents, and ask for an accounting of the Trust. You may want to ask your questions in writing, and if you do not get satisfactory answers, you should probably consult an knowledgeable attorney in your area.
