Irrevocable trust and beneficiary rights under New Mexico trust and estate laws, asset protection

1 views 1 answers
I am the beneficiary of an irrevocable trust. The Trustee is a national company, but I have had no say in what they invest in and my account has been consistently losing money since last October. I know of some good non-public offering bonds that pays high interest. Can I tell them to redirect funds to investments that I want them to invest in or am I at their mercy?

Attorney Answer

1
Frank Selden ·
The trust itself likely contains the answer to this question. You should consider having it reviewed by a trust attorney in your area. Can you force a trustee to make particular investments? The way many trusts are written the answer is "no". I am not sure why you are the beneficiary of a trust but I do know that often trusts are written because the beneficiaries are not the best money managers. The trust protects them from themselves, from making bad decisions. You might consider your power to remove the trustee if you do not have the authority to direct investments. Again look to the trust document. Under what circumstances can the beneficiary(ies) ask for a new trustee? While you might end up with a trustee that is more open to your suggestions the downside of this approach is that you still have the same trust document. You might also want to look at the document to see what authority you have as beneficiary to amend the trust document itself.
0 upvotes