This personal situation has escalated over the last few years. My mother died of a chronic illness a few years ago. Chronic illness knew that the whole family would shorten her life and ultimately be fatal. My sister is 10 years older than me and is married to two young children. I am married to three young children, one of whom is my stepdaughter (strangely, the distinction is somewhat important).
There were two trusts established for both my parents. They were created by reputable companies and lawyers and financial advisers. The two trusts have about $ 3 million, half of their assets in their father’s trust and the other half in their mother’s trust, which now exists because of her death.
The house where my dad lives is worth nearly $ 1 million and is included in my mother’s trust. My father, sister and me, and our direct descendants, are the beneficiaries of my mother’s trust. My father is a trustee of my mother and also his lawyer.
“I have not received any legal documents”
To date, I have not received any legal documentation or updates regarding the value or status of the trust of my mother, who is a legal beneficiary. My father is now remarried and he said he legally requires that he have the right to live in a family home until his new wife dies, wants to leave, or remarries.
In a strange situation, as a result, she lives at home for free for the rest of her life, but pays taxes and maintenance fees. Are you still confused? surely!
I told my dad that I was not wealthy, had a normal job, and didn’t even have a house, so I was worried about the well-being of my children. I sometimes received generous gifts from my dad (thousands of dollars, usually around the tax season), but with no help from real trust. I think this is the trust of my mother’s family. Legal documents support my claim.
“He has a pension and pays for health and social security.”
My dad said, “Nothing was inherited,” which is neither my money nor my child’s money. After leaving, he says, “There may be something left for you to inherit.” When he first mentioned such a possibility, I, due to the fact that he has a pension, pays medical and social security that gives him a six-digit income, and he costs little. Was shocked.
He and his new wife have already traveled to France together, and apparently intend to live it with his personal trust and their total income.
Certainly we just want to make sure that our children have as many safety nets as possible for an uncertain future. In my view, my dad has not responded to these concerns with any kind of approval as to how volatile our situation is. Given what happened with COVID-19 and the economy, I think this is also very strange.
I found a provision that if he remarried without a prenuptial agreement, he could no longer be the trustee of my mother’s trust. I don’t know what to do with that information, especially given that I don’t want to alienate anyone in my family. Even if I look at it financially, he could probably separate me from his own trust and make the whole situation worse for my children.
My sister didn’t answer my concerns and said it was “dad’s money.” She is getting help from him, and also from my aunt and uncle, and she is not wealthy herself.
What can you do?
Confused by indifference to grandchildren
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Your letter has three parts: your father’s legal obligations, your father’s lifestyle choices, and your child’s future financial safety. The first one needs to be addressed regardless of the possible impact. This is because it is the father’s duty to act in the best interests of the beneficiaries of the trust, comply with the rules of the trust and not use the trust as a club. Those beneficiaries. There are many reasons why a judge might consider dismissing him. This includes illegal activity, failure to act, and interests.
Given what you said about the provisions of trust in your mother, if your father got married without a prenuptial agreement, he would effectively go out as a trustee. It is a clear violation of the rules set out, and in such cases it will not take much time to get rid of him. The problem has been resolved. A word of warning: “The trustee is free to use the trust fund to protect himself. According to the Philadelphia Kenku method. “If an experienced lawyer does not respond, the trustee can use procedural steps to drive the process and increase costs.”
Other trustees and / or real estate attorneys need to provide you with a copy of the trust or explain why you did not receive it. One important caveat: are you really a designated beneficiary of this trust, or are your fathers both trustees? And Beneficiary of this trust? It explains the position of your sister and also explains why you did not receive a copy. My concern here is that you misunderstand the terms of trust of your mother. Your mom may have made your dad a beneficiary and a trustee, and correctly or incorrectly assumed that your dad would leave the rest to his children.
The second issue here-your father’s overseas travel, spending habits, and soon his relationship with his second wife-is your father’s job. He has the right to live his life as he likes, and you will torture yourself simply by monitoring his comings and goings and making decisions about his choices. Third, your mom’s trust provides plenty of meat and potatoes for the situation of yourself and your children, but is responsible for the financial well-being of yourself and your children. You are the only one.
Your dad’s trust is gravy. Sure, it’s okay, but without it, he’s not obliged to cut spending to meet your needs. It’s his money, his life, and his new bride. Break those relationships between your future and your father’s present. When it comes to trust, it’s a business, even if it feels deep and personal. He breaks the rules, he’s out. He is not fulfilling trustee responsibilities, he is out. If he wants to spend the rest of the day in Huff, that’s his choice. You simply need to ensure that your mother’s wishes are respected.
Once you have sorted out the trustee’s problems, live your life and let your father live him.
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My father is the trustee of the property of my late mother.He gets married again and does not distribute our inheritance
Source link My father is the trustee of the property of my late mother.He gets married again and does not distribute our inheritance