Legal Question in Wills and Trusts in Colorado
Release of Funds
I am the trustee for my three sisters for my fathers death. His will stated that each trust was supposed to stay until the age of 25 unless I use money for emergency. My 19 year old sister has dropped out of college, ran up debt and spent all her savings while living with a boyfriend who has not worked in over a year. They are trying to get me to telease all funds to them so they can buy a car and pay off credit card debt (they feel this is an emergency). I was told by my father this money was not to ''bail'' someone out of trouble. Can I stand by the 25 yr. old age limit, or can they take me to court to force the release of the funds. They also want copies of all the trust information. I want to simply say ''wait until you are 25'', can I do that?
Thank you very much
1 Answer from Attorneys
Re: Release of Funds
These issues are normally answered both by referring to the specific terms of the trust and the provisions of Colorado law regarding trusts and trustees.
You should immediately engage the services of an experienced trusts and estates lawyer to assist you and not to take any actions on your own. You have a high duty as trustee, and it is better that you use the advice of counsel before proceeding.
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