Legal Question in Wills and Trusts in New Jersey
My boyfriend's family has an irrevocable trust which contains a business. My boyfriend, his brother and mother are all trustees, and the mother is also the exectutrix. The brother runs the business but the business still remains in the trust. My question is if the business is earning a lot of money, do all of the trustees share in the profits?
Asked on 10/19/10, 11:11 pm
1 Answer from Attorneys
Jonathan Chester
The Law Office of Jonathan S. Chester, Esq., LLC
First, the beneficiaries [not the trustees] receive the money from the trust. Second, I would have no way to answer your question without reading the terms of the trust.
Answered on 10/25/10, 5:18 am
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