In NY, a living trust has 6 beneficiaries; the grantor’s son is the successor trustee, main beneficiary ?
Insert funny name asked:
and executor of the will. The father had given some $ for his grandchildren’s college fund (and had paid college tuition for other relatives), and verbally indicated that he would help fund them more. But they are not mentioned in the trust at all. Does the trustee have any right to put $ in his children’s college fund based on believing the father wanted to do so?
(Most of the college savings had been depleted due to the parent’s unemployment).
Of course, once the trust has been distributed, the benes can give the $ to whomever they want.
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Filed Under Law & Ethics |
Tagged With Grantor, Relatives, Unemployment
Comments
One Response to “In NY, a living trust has 6 beneficiaries; the grantor’s son is the successor trustee, main beneficiary ?”
Well, if the terms in the trust document do not give the Trustee the discretion to provide for their (his children’s) education, or support, then most likely he (the Trustee) has no right to do so.
However, if he (the Trustee) is the “main beneficiary,” then, i don’t see why he can’t go ahead and contribute some of his portion that he receives, (out of his share of the trust) to help fund his own children’s education? - Hopefully that will be the case. Good luck, hope that helps.