Legal Question in Wills and Trusts in Connecticut
Distrubution of Trust Funds
My parents set up a trust for
me when I was four to pay for
medical and educational
expenses. The trust consists of
stock shares, two mutual funds
and a money market account
currently estimated at
$58,000. The trust agreement
states that 1/3 will be
distrubuted at age 25; I turned
25 in January. My mother is
the trustee and has not yet
made the distrubution, as well
as has expressed her desire to
distribute the entire trust to
me. Can the trust some how be
dissolved if we are both in
agreeance? Or is it just
possible to take the third and
make the other distributions at
ages 30 and 35?
1 Answer from Attorneys
Re: Distrubution of Trust Funds
Hello, the answer to your question depends on the specific details of the trust.
It is possible to dissolve the trust and distribute the entire amount to you now, if it is a revocable trust and the trustors (i.e., grantors or settlors, the persons who created the trust) go through the proper steps to do so. It sounds like your parents created the trust together, so they would be the trustors. This is different from the role your mother currently plays as trustee.
If one of the trustors (e.g., your father) has since passed away, the trust might no longer be revocable.
Additionally, even if it is an irrevocable trust, the language of the trust might give your mother the power as trustee to make some changes to the terms of the trust.
You should have an attorney who practices trust/probate law look over the trust and determine what options you have and the best way to proceed.
Let me know if I can be of further assistance. Good luck!
Attorney Bartolotta
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