QUESTION
How do I access a trust for a family emergency?
Asked on Nov 06th, 2015 on Estate Planning - Nebraska
More details to this question:
Mom passed away without a will. There was a very old trust document we found that says "upon my daughter's death or upon the attainment of my son's age at 27 years old, whichever shall last occur," my son will be paid annually. We have an emergency and about ready to be homeless due to overdue property taxes. I was laid off and we are broke! the bank who holds the trust will not release any funds to us-I only asked for the amt to pay back property taxes. Suggestions and advice please.
1 ANSWER
You could petition the local probate court to acknowledge that the trust has come to its natural end and order that the payments should begin. However, that might not happen quick enough to deal with your present emergency. If it does, you may not be able to access more than the annual payment established by the trust.
Answered on Nov 16th, 2015 at 8:05 AM