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IL trust and estate planning law
Minooka, IL
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Posted about 1 year ago in Trusts
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Money in a trust:
Been divoced now for 7 years . At the beginning two of my girls were involved in a car accident and spent time in the hospital . They both recived settelments and were put in a trust fund .In the last year now I have custody of my children . Both of them are over 15 years of age . I found out yesterday in court room halls that she moved their trust money into a different trust because of the times . What I'm afraid of is that not all the money may have gotten to the new trust fund . This money was going to be used for their edication in the future. Now as a father what are my rights now to make sure all their trust money made it to the new one . Also to metion is that their mother has been out of work now for 10 months and always had IRS problems in the beginning . What can I do .
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Answers (3)
Edward H Adamsky
This attorney is licensed in Massachusetts and 1 other state.
Posted about 1 year ago.
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The Trustee of the Trust has the duty to take care of the money for the beneficiaries according to the terms of the Trust. You need to find out who the Trustee is, what the terms of the Trust are, and whether or not you can and should demand an accounting from the Trustee. As parent and guardian of your children, you should be able to take steps on their behalf to request an accounting from the Trustee and to potentially sue the Trustee if funds are missing or were spent not in accordance with the terms of the Trust.
I am not licensed to practice law in your jurisdiction, so this is a general answer to your question. If you want specific legal advice, you should consult an attorney licensed in your state. Keith
Posted about 1 year ago.
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In addition to requesting an accounting, you may also want to ask for copies of the trust tax returns to make sure that taxes are being paid if required, or by checking with the IRS yourself to inquire about this. keith345@hotmail.com (Probate Researcher)
Ben Neiburger
This attorney is licensed in Illinois.
Posted 8 months ago.
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I am licensed in Illinois, and under the Illinois trusts and trustee act, you have a right to request an accounting. However, I doubt she will do that and you might have to file suit to request the accounting and, possibly, have her removed as a trustee.
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