Legal Question in Wills and Trusts in Florida
Trust Question
My grandparents created a trust that involves properties in Florida . The income from these properties as well as the property passed to their children and upon the childrens death to the grandchildren. The trust stated that the property could not be sold, transferred or could any terms of the trust be changed until it reached the grandchildren and then the trust could be modified. However things happened and the children had an attorney draw up a Reconstituted Trust adding their spouses and had the grandchilden sign away their rights as beneficiaries and from receiving any benefit of the trust. It seems that the intent was for the property to pass to the childrens spouses and their estates before going to the grandchildren. The grandchildren were told they were just combining trusts, yet we have now learned that the grandchildren signed away their rights to the income and receiving the property. None of the grandchildren received a copy of the original trust(s) and we believed what we were told. Is this legal? Can a trust be changed without court order like this? Can a trust be changed if all the neneficiaries sign agreeing to do so, even though the wishes of the person setting up the trust was not complied with?
2 Answers from Attorneys
Re: Trust Question
It sounds like lots of money is in question. Being the children of the children of the people who set up the trust, their parents were arguably fiduciaries, and if they mislead their children in the way you describe, you can sue for breach of fiduciary duty, etc.
This is a messy situation in any case. The kind of thing that destroys family relations. Know your rights but tread carefully.
Re: Trust Question
NOTE: This communication is not intended as and should not be interpreted as legal advice. Rather, it is intended solely as a general discussion of legal principles. You should not rely on or take action based on this communication without first presenting ALL relevant details to a competent attorney in your jurisdiction and then receiving the attorney's individualized advice for you. By reading the "Response" to your question or comment, you agree that the opinion expressed is not intended to, nor does it, create any attorney-client relationship, nor does it constitute legal advice to any person reviewing such information, nor will it be considered an attorney-client privileged communication. If you do not agree, then stop right here, and do not read any further.
If the children mislead the grandchildren (their children) then any change may have either constituted a breach of fiduciary duty. If their attorney mislead the grandchildren he/she may have committed malpractice or breached his duty to act in an ethical manner in all dealings with the beneficiaries. You need to review this matter with an attorney who can review the trust instrument and the reconstituted trust to check for any irregularities.
Scott R. Jay, Esq.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
