Legal Question in Wills and Trusts in New Jersey
How to find out details of my trust?
In Feb. of this year a wealthy great uncle of mine passed away and left approx. 1/8 of all his assets to me. My father was the executer and trustee of the will and I have been given a copy of the will which states the trustee will hold, manage, invest and pay for the benefit (of me)...''My trustee shall pay to or for the benefit of each beneficiary so much of the income and so much of the principal from time to time, in such amount as my trustee deems advisable for said beneficiary's support, mainenance, education, health, and comfort.'' The remaining amount must be paid when i turn thirty (i am currently 25).
My questions are: How much control does my father have in preventing me from using this money as i see fit? How do statements such as ''from time to time'' become defined by law? If my father and I have a disagreement about how i should use the money before I turn 30, what recourse do I have?
Any information would be greatly appreciated or even references to other resources where I can investigate the appropriate laws.
2 Answers from Attorneys
Re: How to find out details of my trust?
Short answer:
You shouldn't count on getting what you want from the trust until you turn 30.
Assuming that the trust and will are both valid (I assume that they are) then you have very little control over what happens until you turn 30. The trustee has virtually complete control over the property, so you can't us it "as you see fit"...in fact, it's just the opposite...the money is paid out to you as the TRUSTEE sees fit.
Re: How to find out details of my trust?
In fact, so long ast the trust is a valid legal document (there are some requirements for how it has to be written up) then the trustee is in complete control until you turn 30 years old. You could always ask for funds to be given to you; having a specific, valid reason for the money will help. As for finding out how much, there may be some ways to find this out. The trustee is legally responsible for making sure that the funds in the trust are carefully handled and invested, and you can require the trustee to show what has been done. I would be happy to make some inquiries for you, and try to find out the information you seek; you may have a better chance of getting that information if you have a lawyer ask the questions for you. With more information, I could give you a more detailed answer; this is only a general summary of what is likely to apply to you. Please call if I can assist you. 973 890 0400
Bob Davies
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