Legal Question in Wills and Trusts in Pennsylvania
My husbands grandfather set up and irrevocable trust approx. 40years ago. It is managed by a large bank and the funds (by their standards) are probably not worth the effort. Years ago we received monthly checks, now were luck if we receive 20 dollars every few months. Plus the management fees are eating into the principal. How can we move it to a smaller investment firm?
Asked on 2/10/11, 1:52 pm
1 Answer from Attorneys
Depends on what the trust says and where the trust is located. Any attorney would need to review the terms of the trust and see what it says about termination of small trusts or changing corporate trustees. You should also speak to a trust lawyer in whatever state the trust is located in as that lawyer will know what the state's trust code says in this regard, if anything.
Answered on 2/15/11, 8:17 pm
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