Can you receive an irrevocable trust before the age stated to disburse the money?
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Can you receive an irrevocable trust before the age stated to disburse the money?
My grandmother set up an irrevocable trust many years ago. She passed away 20 yeras ago. The trust is to be received by me on my 35th birthday (in 8 months). I have a bank lady that is in charge of overseeing the trust in another state. She has let me take some funds out for certain expenses. However, I feel she is not doing what she could be doing and I was wondering how possible it is to have my trust given to me early?
Asked on September 7, 2011 under Estate Planning, Kansas
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
To answer your question about receiving additional monies from your grandmother's trust where you are a named beneficiary, you need to carefully read its terms in that its terms control how and when moneys are disbursed to you as the beneficiary.
Upon reading the trust's terms and conditions for release of funds to you, there may be a basis for you to receive more from it before your thirty-fifth birthday. If the trust is firm on when and how much you can receive from it, the trustee under the trust is obligated to follow the specific instructions of your grandmother as set forth in the document itself. The failure to abide by the trust's terms by the trustee could result in breach of fiduciary duty claims against the trustee.
Good luck.
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