Legal Question in Wills and Trusts in Pennsylvania
Executrix duties and a trust fund
My brother passed in 1995 and I have been executrix. His daughter just turned 25 in May and that was when she could have her trust fund. She has not touched the trust fund yet and might consider leaving it sit there. However, in the meantime, the lawyer still gets to keep charging for his services pertaining to every little thing he has to do regarding this (mainly making copies to mail me as I live in another state!) and my question is: at this point, what would have to be done in order for the lawyer not to have to be involved anymore? Other than this trust fund, there really is nothing else left as far as estate business anymore...if she wants to leave her money grow, can she do it somehow without his involvement, thus eliminating all of these legal fees which are really taken out of what is her money now, as long as it remains set up this way? Thank you.
1 Answer from Attorneys
Re: Executrix duties and a trust fund
Management of the Trust depends on how the trust was set up and who was appointed as Trustee. If the lawyer is the Trustee but the Trust terms are that your niece has the right to receive the entire trust upon reaching age 25, then she has the right to demand that it be turned over to her. She could first make arrangements with an investment company that provides solid reliable funds / investment management to open an account, and the trust funds could probably be wired directly into that account.
There should be very little legal fee incurred to end the trust, unless it has other provisions about how your niece may receive and use the funds.
The estate should have been settled and closed long ago. If it has not been, you may seek an accounting from the lawyer, although you, as Executrix, are the one who should have been managing the estate and would be obligated to provide an accounting to heirs and beneficiaries, even if you administered the estate with the assistance of the lawyer.
You should consult with an estates lawyer in the county where the estate was opened and where the trust is held.
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