Legal Question in Wills and Trusts in Michigan
revocable living trust agreement
I have received a ''receipt and release'' from the trustees (aunt & uncle) of this trust. It states that I am designated as a beneficiary. The trustees are asking that I sign this paper that states in part :
''I accept the sum of $5,000.00. I further waive any and all rights - now and in the future - to an accounting of the assets of the Trust Agreement, and accept this distribution as payment in full of all sums that I may have been entitled to pursuant to the Trust Agreement. I hereby accept the above as a full and complete distribution and release the Trustees from any liability with respect to any matters whatsoever concerning distributions made from the Trust.........'' etc etc
My aunt and uncle are pressuring me to sign this asap. My grandparents set up this Trust, grandpa has passed away, but grandma is still with us. I am 30 yrs old and need your advice.
2 Answers from Attorneys
Re: revocable living trust agreement
I would obtain a copy of the complete trust document so that you can review it with a qualified attorney before signing this or any document. Generally, when one spouse (in a jointly owned trust) dies, the trust becomes irrevocable (meaning that it cannot be done away with or changed). Based on your aunt and uncle's actions, it appears that you probably are entitled to a lot more than 5k. I suggest you insist on knowing exactly you are being asked to give up before deciding to accept the 5k in lieu of whatever has been left in trust for you.
Re: revocable living trust agreement
Sign nothing.
Get an attorney and demand an immediate accounting, if that's what she advises you to do.
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