Legal Question in Wills and Trusts in New York

Trust fund ???

I am to inherit a trust that was set up for me to have access to it a certain age (35 yrs old) by my grandfther. It was a trust that was set up for college education use. I went to college on a full scolarship so the money has gone untouched. Any part of it that was not used becomes eligible when I turn 35. I am still about 5 years away from inheriting it according to how the trust was set up. I am in a situation now where I really, really could use a small portion of the money in it. My question is ... is there anyway around this to access a portion of it or borrow from it and pay it back. What rights do I have or does it soley depend on the trustee ???

THANKS for any advice !!!


Asked on 5/05/03, 2:35 pm

2 Answers from Attorneys
Walter LeVine Walter D. LeVine, Esq.

Re: Trust fund ???

The answer depends upon the language of the trust. Many trusts like these allows the trustees, in their discretion, to use money from the trust for specified purposes, or for no reason. If you FAX me the language, I can review it and reply more properly. My FAX number is 973-377-8167. If the language does not allow discretionary payments, the trustee could petition the court for permission to make an advance payment, assuming the purpose is valid and necessary.

Read more
Answered on 5/09/03, 4:48 pm
Norman Nadel Norman Nadel, Esq.

Re: Trust fund ???

It depends on the provisions in the formation document (Will or Trust Agreement). The Trustee may or may not have discretion to make funds available prior to attainment of age 35. Ask the Trustee. The terms that were expressed when the instrument was written will define your rights.

Read more
Answered on 5/05/03, 2:46 pm


Related Questions & Answers

More Probate, Trusts, Wills & Estates questions and answers in New York