Trust Fund Advice
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Senior User
Joined: Oct 2003
Posts: 206
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From: Midland, TX
Trust Fund Advice
A member of my family set up a trust fund for me several years back which was to provide for "education and maintenance." Long story short, my mother and I have gone through many phone calls, letters, and faxes in attempt to recieve support for my college expenses from this trust fund with little success. The Trust Officer refuses to pay for my tuition at Texas State University in San Marcos, TX, and suggests going to a community college. (There is enough in the account for about 15 years woth of tuition at Texas State). All I have recieved is reimbursement for books.
Currently, my tuition is coming out of pocket while we battle with the Trust Officer to provide for my education. It is specifically mentioned in the article of trust that the intention is "education and maintenance of (my name)". I am in no way trying to live off this trust and be a "trust fund baby"; I am simply trying to get what I am entitled to. I am the final recipient of the trust, and any leftover money is to be donated to a poetry society in Arizona.
Is there any way I can change trust officers, or transfer the money to a different bank altogether? I have heard of "sueing the trust", what does that entail? Are there any other options?
Thanks for your advice!!
Currently, my tuition is coming out of pocket while we battle with the Trust Officer to provide for my education. It is specifically mentioned in the article of trust that the intention is "education and maintenance of (my name)". I am in no way trying to live off this trust and be a "trust fund baby"; I am simply trying to get what I am entitled to. I am the final recipient of the trust, and any leftover money is to be donated to a poetry society in Arizona.
Is there any way I can change trust officers, or transfer the money to a different bank altogether? I have heard of "sueing the trust", what does that entail? Are there any other options?
Thanks for your advice!!
Admom
Joined: Feb 2001
Posts: 9,414
Likes: 201
From: Silver Springs
About the only thing you can do is hire a Trust & Estate lawyer. Take a copy of the trust documents to them. Sometimes all it takes is a letter from a lawyer to the trustee to get things resolved.
Post Fiend
Joined: Feb 2004
Posts: 10,728
Likes: 1
From: Damascus-Boring, Ore
Good advice Carlene, but it may take more than a letter unfortunately. In all likelyhood, it'll take a hearing in front of a judge to resolve whatever issues there might me. The bad thing about about appointing a bank trustee is that they are generally paid a percentage of the value of the trust- not on the amount paid out, so there's an incentive to keep as much money inside the trust as possible.
Elder User
Joined: Feb 2003
Posts: 543
Likes: 0
Yes you can. My ex wife used to work for the trust department. And while I am sure alot of trust departments work in a lawful manner. There are also alot that work on the drain it with trust fees ,as well as giving it to inside people. Yes, I have seen it. Never leave your money in a trust to something as open as an animal shelter. THe bank my ex worked at took Over $250 k that a old woman left for animal shelter-- deverted alot to trust funds fees , then gave a local vet the rest of the money to use at his disposale. Go get a lawyer and unless the money was left to used at a specifc educational institution - I don't see that there would be any way you should not get what you are intitled to. Anyone can manipulate books or transactions.
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