QUESTION
Should I start paper work for financial declaration to get my trust fund?
Asked on May 01st, 2014 on Estate Planning - Michigan
More details to this question:
I have a trust that is set up to where I am limited to a certain amount a year. On my 18th birthday my dad was no longer conservator and I won't be able to receive my trust fund until I turn 25. Now, I am 21 and I need more funds. I tried calling the bank that holds the money and distributes it monthly and she have no problem with distributing it but needs approval from probate court. After that, I went to see the probate judge and she says that they don't have any jurisdiction over it. When my father sign off from being conservator, probate thought they sign off their jurisdiction as well. It was stated in contract of the trust fund they still have jurisdiction. It also stated if the extra funds is for my wellbeing. I could reserve more but it's up to the court discretion. They say they don't have jurisdiction over it. What should I do? The bank tried to petition the court but it didn't work. Please help!
10 ANSWERS
3 Awards
You need an attorney to review the trust and the pleading file[s] and advise you on next steps. It is clear that you should consult with an attorney and probably retain one.
Answered on May 05th, 2014 at 5:22 PM
Edwin K. Niles
Did you just talk or did you file a petition? In a petition you should set out why the court has jurisdiction.
Answered on May 01st, 2014 at 7:41 PM
Business Planning Attorney serving Livonia, MI
at
Frederick & Frederick Attorneys at Law
Update Your Profile
More information is needed. It is not clear if the money is in a trust or a conservatorship. It is also not clear if the conservatorship estate is open or if there is a conservator currently serving or if the estate has been administratively closed. It is also not clear why the terms were changed from 18 to 25. I would need to know more information about what has taken place before being able to give you further guidance. Please feel free to call or post, with additional details and I will try to help.
Answered on May 01st, 2014 at 3:32 PM
Trusts Attorney serving Sacramento, CA
at
Law Office of Victor Waid
Update Your Profile
Obtain the services of a probate lawyer to file a petition on your behalf to obtain the funds you need, and joining the bank in the action and obtain a court order allowing you the money.
Answered on May 01st, 2014 at 11:51 AM
Based on what you say, it is up to the Bank to give you more money. If they refuse, you can sue the Bank to compel them to do so.
Answered on May 01st, 2014 at 11:11 AM
Commercial Contracts Attorney serving Boise, ID
at
Peters Law, PLLC
Update Your Profile
Get an attorney and petition on your own behalf.
Answered on May 01st, 2014 at 10:56 AM
Business Law Attorney serving Bingham Farms, MI
at
James T. Weiner, P.C.
Update Your Profile
You need to hire an attorney to pursue this for you. The Probate court actually has jurisdiction.
Answered on May 01st, 2014 at 10:15 AM
2 Awards
You need to have an attorney look at the trust and speak with the trustee to see what is going on. Somebody got it wrong - if the trust says it is the COURT's discretion then the bank trustee may not have properly pointed that out to the court.
Answered on May 01st, 2014 at 9:30 AM
Commercial Attorney serving Chicago, IL
at
Ashcraft & Ashcraft, Ltd.
Update Your Profile
You need to examine the terms of the trust to see where your father's authority to direct the trustee comes from and if, or how, another person can replace your father in that position. If your father was merely acting as your guardian/conservator and now that you have reached majority age he no longer can act as guardian/conservator, the power to request funds may rest with you. You should review the complete set of facts and the trust document with an attorney to see what mechanisms for additional funds are in the trust agreement and how or who can make a proper request.
Answered on May 01st, 2014 at 8:54 AM
You should consult with an attorney who can review the various documents you have discussed in your message, particularly the trust and the prior court filings. There are too many unknowns here to be able to say much more than that.
Answered on May 01st, 2014 at 8:37 AM