Legal Question in Wills and Trusts in Oklahoma
My twin brothers passed away in 2008 in Bartlesville, OK. He had a Will and a Trust which I have a copy of. In the Trust it states all 4 of his childred is to recieve 40% (equal parts divided by the 4 children so 10% each). It also states the shares are irrevocable and non-amendable by the surviving settlor and that the Trustee (the widow) is to distribute an additional $25 per month from each Trust share as a contribution to a ROTH for each child. We just found out that the "widow" spent ALL her monies in the Trust INCLUDING the 4 children's. WHAT CAN WE DO???
1 Answer from Attorneys
Irrevocable means that the trust is unalterable and committed beyond recall.
Non-amendable means (the widow) CANNOT change the wording, alter or formally add or delete any provisions or modifying the wording of the trust, therefore, whoever does so should be brought before a judge.
You did not say whether she (the widow) is the surviving "settlor." By settlor we mean the one who set up the trust, creator or donor or donator, grantor or founder.
This differs from a "trustee" one who is held in trust for the benefit of another (you and your siblings) and owes a fiduciary to that beneficiary (you and our siblings). And, you didn't say that the settlor or trustee was NAMED in the legal trust document. Was she named as the settlor and/or trustee?
Either way, both titles are identified specifically in this trust, therefore, Whoever was named as the settlor or trustee, including the widow, have this responsibility to administer or hold this trust legally and ethically is as stated. Otherwise, they violation of the trust and/or their duties and responsiblities under the laws of this trust and the courts, expecially,the surviving settlor or trustee. I hope this helps.
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