QUESTION

Don't I have the right to know about my children's trust fund?

Asked on May 03rd, 2012 on Estate Planning - Texas
More details to this question:
My husband and I have been separated since 1998. He has a trust fund for our kids but refuses to tell me anything. My husband’s sister was in charge of the kid’s trust fund but she passed away. Does he have the right to keep this away from me considering I’m the mother and I have custody of the kids? Don't I have the right to know more about this trust fund?
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2 ANSWERS

Probate Attorney serving Arlington, TX at Law Office of Eric J. Smith
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The short answer is no, but you may be able to demand that the trustee provide an accounting if you feel there has been mismanagement or self-dealing. That demand would probably be made in a probate court, not a family court.
Answered on May 17th, 2012 at 1:23 PM

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Alternative Dispute Resolution Attorney serving Richardson, TX at Shutt Law Firm, PLLC
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I don't think there's a cut-and-dry answer to your question, especially without more information. As the mother of his children, it's saddening that he is being secretive with regard to the trust. If the children are minors, as their legal guardian, you may be able to demand an accounting of the trust on your children's behalf. However, some trusts are written in such a way that the trustee does not have to provide an accounting at the beneficiaries' request. It just depends on the wording of the trust. I think you'll have a particularly difficult time if the trust is a Revocable Trust. If you think action needs to be taken to protect the rights of the children under the trust, then you should contact an attorney in your area to see if you can get some movement.
Answered on May 16th, 2012 at 12:02 PM

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