A s the Trustee am I entitled to deduct expenses for managing a trust until it is fully disbursed?

Asked about 1 year ago - Freehold, NJ

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.

Attorney answers (3)

  1. Timothy Joseph Hardesty

    Contributor Level 11

    2

    Lawyers agree

    1

    Answered . 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.

  2. Sean Patrick Lewis

    Contributor Level 17

    2

    Lawyers agree

    1

    Answered . 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... more
  3. Leonard Roy Boyer

    Contributor Level 16

    Answered . 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... more

Can't find what you're looking for? Ask a Lawyer

Get free answers from experienced attorneys.

 

Ask now

28,083 answers this week

3,126 attorneys answering

Ask a Lawyer

Get answers from top-rated lawyers.

  • It's FREE
  • It's easy
  • It's anonymous

28,083 answers this week

3,126 attorneys answering