Legal Question in Wills and Trusts in California
My Mom was the Grantor and Trustee. My brother is the Successor Trustee after her death in June of 2010. I have three questions about the Trust Agreement that I would sincerely appreciate your assistance on.
1) In the Trust Agreement "Revocation and Amendment" - Except as hereinabove provided, this Agreement and the Trust is irrevocable and shall not be subject to amendment. In the event of any revocation, the revoking party shall indemnify the Trustee in a manner satisfactory to it against liabilities by the Trustee. Does this mean the Successor Trustee is allowed to revoke or amend any part of the agreement after the death of the Grantor?
2) In the Trust Agreement (d) "Compromise of Claims" - The Trustee may, at any time compromise any claims existing in favor of or against the Trust Estate. Does this mean the Successor Trustee is allowed to amend the Trust Agreement at any time that would affect me as beneficiary?
3) (C) "Preferences" - After the death of the Grantor, the Trustee is to consider the needs for health, support and maintenance, education and career requirements of the Grantor's children and grandchildren, particularly as related to training and education as primary purpose of the trust, even if satisfaction of such needs requires invasion of the entirety of the beneficiary's Trust Estate. Does this mean the Successor Trustee can amend any part of the Trust Agreement to better serve his needs for himself and his family at any time that would affect me as beneficiary?
2 Answers from Attorneys
1) Not necessarily. Typically a trust is only revocable or amendable by the Grantor. I would have to see the language that is referred to as "Except as hereinabove provided . . ." to give a definite answer.
2) No.
3) No. The trustee is being given the discretion to make distributions to the Grantor's children and grandchildren for educational purposes. He cannot change the terms of the trust, but he has the discretion to make distributions to you, your children, himself and his children fro educational purposes.
Ms. Rouse is correct that basically the above language does not allow for any changes in the Trust terms to be made by any Trustee.
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