Legal Question in Wills and Trusts in Pennsylvania
can money be taken out of a trust fund early ? My sister left money for her 2 children (9 & 27) and my stupid brother in law put the entire amount in a trust fund for the 9 year old. Can my nephew get his share now
1 Answer from Attorneys
Read the trust. I don 't mean to be snarkty, but you have to read the trust and see what it says.
When I draft my trusts, I usually have language in there which says the trustee can have 1 trust which he divides into shares (through acccounting - so on paper). The trustee then makes distributions from thre trust as directed. For example, in mine, I state that if there are 2 kids and one has attained age 18 or 21, then the trustee can start making disbursements to the older child.
You cannot withdraw money early unless the trust allows for it. Is it possible that what your brother-in-law has done is put the e\ntire amount into trust as is proproper and then he will make a distribution as per the trust?
Since your nephew is a beneficiary, he needs to get a copy of the trust. If he needs help understanding it, he can ask you to explain or else he needs to see an estate and trust lawyer and show him the trust.