Legal Question in Wills and Trusts in Louisiana
My in-laws claim that they have set up trust funds for my two young children. They have not told me where it is or how much has been put in. Is there any way for me or the children when they get older to find out about these trust funds?
3 Answers from Attorneys
It will depend on the type of trust as to when you might be informed. It may be a revocable trust which means they can revert it as per the terms. If it was irrevocable, the kids will receive statements at some point. If the creators pass on-then the information will be available through the succession. If income from the trust is assigned to the kids, you will get tax documents. Perhaps if you discussed it with them...
You and/or them have no right to know anything unless the law says you or they need to be informed. If no one has been contacted, then it does not exist in a form that requires notification. If they are doiing anything, they are putting money somewhere for the kids but they are not bound to keep it there.