Indiana Trusts Legal Questions

Yes you can serve as your own trustee and with many Revocable Trusts, the Settlor/Grantor is also the sole beneficiary during their lifetime.   Be certain that you work with counsel that understands all of the gift, estate and income tax consequences of serving in these various roles. Due to the limitations of the Lawyers.com Forums, MaryEllen K. Bishop, Esq.'s (the "Firm") participation in responding to questions posted herein does not constitute legal advice, nor legal representation of the person or entity posting a question. No Attorney/Client relationship is or shall be construed to be created hereby. The information provided herein by the Firm is general, and requires that the poster obtain specific legal advice from an attorney. The poster shall not rely upon the information provided herein as legal advice nor as the basis for making any decisions of legal consequence.... Read More

First, I'd like to remind you that this is likely to drive a serious wedge between you and your mom, so think carefully before proceeding with legal steps. The Trust may have instructed its Trustee to pay for your rent, utilities and food only. Some Trusts are set up to make sure you have food and a place to live, but expect you to earn your own spending money. Others are set up to pay a certain amount a month toward your living expenses. Others...well, the options are endless. So here are things you should try: 1. You should ask for a copy of the Trust. 2. Read the Trust document. If you do not understand the language, hire an Indiana estate lawyer of your own to help you understand what it says. 3. If your mother is not administering the trust correctly, the Trust may give you the power to change the Trustee to someone besides your mom.4. If the Trust document does not give you the power to choose your own Trustee, then you will have to go court and ask a judge to remove your mom as Trustee and name someone else. • IMPORTANT: No court will remove a Trustee without what is known as "good cause." That means you must prove (show evidence) that your mom has either not administered the Trust correctly or has invested the funds poorly. To a court, proof will mean documents (account statements, canceled checks, letters from eye witnesses, etc.) that show she mishandled the money, rather than that she simply did not spend it the way you wanted her to spend it. Because this will harm the relationship between you and your mom, be very careful. Do not go to court without evidence of wrongdoing on her part. To your success,Gale Allison, Principal AttorneyThe Allison Firm, PLLChttp://www.theallisonfirm.comhttp://www.linkedin.com/in/GaleAllison... Read More