Legal Question in Wills and Trusts in California
Iam sole beneficiary of an Irrevocable Trust in Ca. My sister was named trustee. She recently passed away. Her husband is named successor trustee. The trust is an income bearing trust. She has taken monthly trustee fees @1.2%-0.9% from the trusts income. Is this leagle or is she to be taking her fees from the principle? My two children need financial help badly due to 1. Medical conditions and 2. Morgtage problems. Can I request money taken out of principle say $30,000.00 to help them. thank you Larry
2 Answers from Attorneys
You should have an attorney review the trust document.
It is likely that fees should be taken 1/2 from income and 1/2 from principle. Also, you should be receiving annual accountings that would show where payments were made from. Many trusts do allow for "invasion" of principle under certain conditions. Only an attorney reviewing the specific trust in your case will be able to tell you whether you or your children can make such a request. Please see an attorney.
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