My dad passed away, my children were minors at the time.. They have turned 18 and now I am being sued to distribute money from the trust. Am I entitled to deduct expenses for managing the trust the last 3 years and for my expenses do deal with this law suit? the trust is under $50,000.
Estate Planning Attorney
The answer will depend on the language of the trust. You should speak to a local trust attornet.
Generally, a Trustee is allowed to use trust assets to pay for, or reimburse the Trustee for, expenses related to the management of the Trust, including defending law suits. However, many Trusts have language specifically stating that a Trustee may not be reimbursed by the Trust for attorneys fees in a suit where the Trustee is found to have acted in violation of their fiduciary duty as Trustee.
Family Law Attorney
Your children are suing you? I'm very sorry to hear that. If you are supposed to distribute money, then please do it. As to the expenses and such, you can do what the trust allows. Please engage trust counsel in your area for detailed help.
The above is not intended to be legal advice, but may be used for general information. Please contact an attorney for specific help tailored to your needs. www.figgardenlaw.com
As my colleagues said in their answers it depends on the language of the trust.
Leonard R. Boyer, Esq. 201-.675-.5577. Please be advised that the answer above is only general in nature cannot be construed as legal advice, given that not enough facts are known. It is your responsibility to retain a lawyer to analyze the facts specific to your particular situation in order to give you specific advice. Specific answers will require cognizance of all pertinent facts about your case. Any answers offered on Avvo are of a general nature only, and are not meant to create an attorney-client relationship.
1 found this helpful