Legal Question in Wills and Trusts in Indiana
Disolving a trust
My mother set up a trust for me in which I recieve only the interest from and which will eventually be divided between all my decendants on my death. Are there any grounds for me to utilize any of the principle for myself? I am a single woman who is struggling to survive and could use some of that money now...(I am on the verge of bankruptcy) I have approached the administrators of the trust about helping me to buy a house and have shown them how it could benefit myself and the trust but have been turned down each time and their only reason was because I live 45 miles across the state line in Ohio and they don't want to fool with it. (There is a section in the trust that allows for real estate to be part of the trust) Can I force them to do it if it is in my best interest?
2 Answers from Attorneys
Re: Disolving a trust
Whether you can dissolve the trust is totally up to the terms of the trust. Further, if you want the trust to own real estate, that too is up to the terms of the trust. It seems as though the trustees may be exercizing too much "descretion". You might want to see about replacing the trustee with someone more sympathetic to your needs. In any event, I would contact counsel to help you.
Good luck!!
Re: Disolving a trust
If your trust was created in Indiana under a will, any challenges to the trust would have to be made in the probate court where the will was administered. If your trust was created by your mother during her lifetime and she is still alive, any changes would depend upon whether she reserved the right to amend the trust and is willing to do so. You should contact an attorney in the county where your mother lived to discuss this matter and provide the terms of the trust.
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