Legal Question in Wills and Trusts in Massachusetts
Revocable family Trust in Massachusetts
Family revocable Trust has been created in year 1991 and the Settlor[the father] who died the same year appointed my sister as the Trustee. Myself and my brother are the beneficiaries of the Trust. There are two family houses securing rental income and stock portfolio.
The Trustee does not distribute any of the rental income; refuses to disclose bank statements of the Trust account which she closed two years ago and transferred the assets into an account under her name; wants to buy the properties from me and my brother.
Beneficiaries do not want to sell the houses and we do want to request monthly bank statements. What are our rights?
1 Answer from Attorneys
Re: Revocable family Trust in Massachusetts
Your Trustee is required to keep records and disclose the use of funds. Your trustee holds a fiduciary duty to all beneficiaries of the Trust. The Trust ceased to be revocable as of the date your father died.
I have assumed you and your brother are now over 18 years of age. You should take a copy of the Trust to an attorney and have himreview it as well as check the probate court for any filings relative to your father's estate.
The Trustee cannot buy the homes from the Trust if the beneficiaries object without getting a court to confirm the sale. To do so would subject her to significant risk.
At what age does the trust require distribution?
Are you or your brother subject to a Guardianship Order or Conservation Order by the Probate Court. If you are under 18 you will need to Petition for a Conservator other than your sister.
Contact an attorney who is a probate attorney in your area as soon as possible. Please feel free to contact me if you have more questions.
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