Problem getting the money from a trust fund that was set up.

Previous | Next
 rated by 0 users
Latest post 02-20-2013 9:14 PM by Septon lee. 20 replies.
  • 04-18-2011 12:59 PM

    Problem getting the money from a trust fund that was set up.

    Hi not sure if this is the right category but i couldnt find anywhere else this might fit in. Alright 20 years ago my mother died and this guy made a trust fund for me and when i turn 21 im supposed to get the money. Well im 21 now and the company im trying to get my money from the lawyers are saying i need 3 signatures from the trustees. The Problem with getting the signatures is two of the people that are trustees are impossible to get a hold of i dont know where they live or their phone number. The guy that made the trust fund has been trying to help me get the money but the lawyers are saying that we need all the signatures for some reason but there is no way for me to get all the signatures. They are saying i might have to go to court to be able to get this money. Which i dont understand because im 21 and legally the money is mine. Im wandering what i can do because i really dont wanna have to go through the court system just because i cant get two signatures im wandering if anyone knows what i could do. thanks

  • 04-18-2011 1:04 PM In reply to

    • Drew
      Consumer
    • Top 10 Contributor
    • Joined on 03-30-2000
    • PA
    • Posts 49,309

    Re: Problem getting the money from a trust fund that was set up.

    The key is what the trust docuement says!  Get that and quate it  as to release of funds.

    The trust might require  all or majority of trustees to   release funds--go read the details.

    Trust firm may want a piece of paper to cover thier butts? So find out how to get them such a piece of paper.  It will be a lot easier for you to find the missing trustees IF that is what  is needed than for you to pay counsel at $300/hr to go on a seach!



  • 04-18-2011 1:07 PM In reply to

    Re: Problem getting the money from a trust fund that was set...

    Hi thanks for the reply im pretty sure it says just that at age 21 i can get the money i dont think it says i need all 3 signatures. The company that im talking to that has my money also is saying he doesnt understand why this is all happening. Also what can i do if the two trustees i cant get a hold of.

  • 04-18-2011 1:11 PM In reply to

    • Drew
      Consumer
    • Top 10 Contributor
    • Joined on 03-30-2000
    • PA
    • Posts 49,309

    Re: Problem getting the money from a trust fund that was set...

    Get the docuement, copy it, then respond! 



  • 04-18-2011 1:16 PM In reply to

    Re: Problem getting the money from a trust fund that was set...

    If the trust documents specify that all the trustees need to sign then all the trustees need to sign.

    Step 1 - Read the trust.

    Step 2 - If it requires three signatures to release the funds and you can't get the other two, then you WILL need to go to court and ask the court to order the release of the funds.

    How much money is involved?

     

    • The right of the people 
    • to keep and bear arms,
    • shall not be infringed.
  • 04-18-2011 1:16 PM In reply to

    Re: Problem getting the money from a trust fund that was set...

    I guess i could ask for the document even though i dont see what the point of getting the document would me when the lawyers that the company are dealing with are saying i need signatures.The financial company that has all the documents and stuff which should know alot more than me doesnt agree with what the lawyers are saying. The lawyers are saying i need all 3 signatures i only have 1 which is from the main guy. What i want to know is what can i do if i cant get the other two signatures i know who the people are but i have no way to get a hold of them

  • 04-18-2011 1:18 PM In reply to

    Re: Problem getting the money from a trust fund that was set...

    Thanks jack Im pretty sure it doesnt say that i need all 3 signatures but it also doesnt say the main guy could act. This trust was made 20 years ago so i dont know if they had these types of laws or not with trust funds. Also the amount is 40k.

  • 04-18-2011 2:32 PM In reply to

    Re: Problem getting the money from a trust fund that was set...

    corey1091:
    I guess i could ask for the document even though i dont see what the point of getting the document would me when the lawyers that the company are dealing with are saying i need signatures.

    Because you never rely on what anybody "tells" without you verifying it by looking at the trust documents. And they are not YOUR lawyers so they don't have your interests in mind.

    corey1091:
    The financial company that has all the documents and stuff which should know alot more than me doesnt agree with what the lawyers are saying.

    Which is also a good argument for you having a copy of the trust documents in front of you. Without having the documents they can keep pointing fingers at each other and you'll never see a nickel.

    corey1091:
    What i want to know is what can i do if i cant get the other two signatures

    I told you. You'll have to get the court to order the release of the funds with only one signature. But, guess what, when you petition the court to do that you will have to submit a copy of the trust documents.

    corey1091:
    Im pretty sure it doesnt say that i need all 3 signatures

    "I'm pretty sure" = "I don't know."

    corey1091:
    This trust was made 20 years ago so i dont know if they had these types of laws or not with trust funds.

    Doesn't matter. Whatever the trust laws are today, the courts will accept the existing trust as is if it complied with the laws back then, and if it doesn't do the beneficiary harm.

    In this case it does appear to be doing you harm and the only thing that will change that is a judge's order.

    corey1091:
    the amount is 40k.

    Well, that's certainly worth spending a few hundred on a trust attorney (even a few thousand if you have to) that you hire to get proper legal guidance as to your options. But he'll want to read the trust before he can do much of anything.

    Some states have trust statutes that obligate a trustee or agent of the trust to provide copies of the trust to the beneficiary on demand.

    I don't have time to look through the entire FL trust statutes to find it, but you should certainly take the time to familiarize yourself with the trust laws. Here they are:

    http://www.leg.state.fl.us/Statutes/index.cfm?App_mode=Display_Statute&URL=Ch0736/titl0736.htm&StatuteYear=2008&Title=%2D%3E2008%2D%3EChapter%20736

    If it was my $40K I'd read every word.

    • The right of the people 
    • to keep and bear arms,
    • shall not be infringed.
  • 04-18-2011 2:34 PM In reply to

    • Drew
      Consumer
    • Top 10 Contributor
    • Joined on 03-30-2000
    • PA
    • Posts 49,309

    Re: Problem getting the money from a trust fund that was set...

    Get a copy of the docuement in question. Quote it.

     

    Trust me, some of the folks in the backrooms of  institutions managing  megamillion dollar trust funds sometimes have no clue of the rules or make them up as they go along.  The folks handling  a trust of $40K while a big number to you,   may not even know  what day of the week it is! 

     



  • 04-18-2011 3:07 PM In reply to

    Re: Problem getting the money from a trust fund that was set...

    thanks for the responeses I would also like to include that One of the trustees i guess i found is lieing. The financial place called her the other day and she denied ever being a trustee or anything.Im probably gonna call her and if she ends up refusing to sign the document and refuses to acknoledge that shes a trustee  ill probably end up taking her to court. I know she is the right one because i verified the address with my dad today and he remembers where she used to live 20 years ago and this is the correct address. So im gonna probably request the trust document and figure something out and maybe getting a lawyer if i cant get this signature.

  • 04-18-2011 3:23 PM In reply to

    Re: Problem getting the money from a trust fund that was set...

    Speculating about what you might do is a waste of time until you read the trust document to see what needs to be enforced.

    Revive this thread when you've got it.

     

    • The right of the people 
    • to keep and bear arms,
    • shall not be infringed.
  • 04-18-2011 3:27 PM In reply to

    • Drew
      Consumer
    • Top 10 Contributor
    • Joined on 03-30-2000
    • PA
    • Posts 49,309

    Re: Problem getting the money from a trust fund that was set...

    Get the trust docuement !  That is key to resolution of your problems.

    How did this trust originate --did the grantor fund some trust they created or were you willed some modest sum of money as an infant and a court ordered vehicle was set up to manage the funds during your infancy --if it was set up to manage your money afterthefact there may be a copy of the corurt order back in the files  of estate of the grantor 

    A Section 2503(c) trust? (Must go to individual at 21)

     

    A Section 2503(b) trust.?

     

    A UTMA which folks sometimes refer to as a form of trust.?



  • 04-18-2011 3:40 PM In reply to

    Re: Problem getting the money from a trust fund that was set...

    hi i think it is a section 2503 trust and this happened when my mother died. A few of her friends decided to make a trust fund for me through harley davidson they collected money and put it in a trust which is supposed to be right when im 21 it all goes to me. The guy that originally made this fund is also one of the people that is not understanding what the problem is he is the one that made everything happen and doesnt understand also why we need the other signatures. Also there is no court this went through so no courts have any document of it.

  • 04-18-2011 3:49 PM In reply to

    • Drew
      Consumer
    • Top 10 Contributor
    • Joined on 03-30-2000
    • PA
    • Posts 49,309

    Re: Problem getting the money from a trust fund that was set...

    Get a copy from the guy who set it up or have him request a copy from the paid managers and he gives same to you .

    Something seems strange--but get a copy!



  • 04-18-2011 6:01 PM In reply to

    Re: Problem getting the money from a trust fund that was set...

    got new info i requested the info so it should get here sometime this week also it looks like i definitly need a lawyer i contacted the trustee because i found her number and she is not willing to cooperate. She thinks my dad is responsible for my mothers death because she died in a accident on a motorcycle and is not going to cooperate so looks like i need a lawyer but ill update this when i get the info.

Page 1 of 2 (21 items) 1 2 Next > | RSS

My Community

Community Membership New Users: Search Community