Legal Question in Wills and Trusts in Maine
breaking a trust
Hi
My father died about 30 years ago and left his money in the form of 2 trusts. One to my mother and one to my brother and I plus our 8 children. The second trust in not attainable until my mother dies. Many of the things in the trust was to help the kids pay for school etc. My mother is now 110 years old and in a nursing home. Her trust went to the government, but ours still sits in a bank with the intertest going to my mother in the nursing home. naturally she has minimal needs thus the nursing home gets this. There is about 150k in the trust. I and my brother are over 80 years old, and I am still working 40-50 hours a week just to make ends meet. My wife is 75 and not very healthy - breast cancer, diabetis, high chloresterol, plus othere ailments.
The way things are going the only ones who will have any real use of the money are perhaps the children. My brother is not too well, but does not have to work outside of his home.
Are there any conditions that will allow at least some of the trust to be released?
Robert Ray
1 Answer from Attorneys
Re: breaking a trust
It is possible under Maine's Probate Code for all of the beneficiaries of a trust to agree to "break" it if circumstances have evolved beyond what the person who created the trust likely envisioned, but it does require Court approval. It would be necessary to review the trust and additional facts before attempting to forecast how successful such an action might be.
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