Legal Question in Wills and Trusts in Tennessee

responsibility of Trusts and beneficiary

My father passed away in March, 2000. Morgan Stanley Dean Witter have been handling his accounts and helped him set up The Trust, placing all property, life insurance polices, etc. It was revocable until my dad died. The Company has done nothing at all. They now state they may not accept this trust as there is undeveloped land in the Trust and they don't do that. Life Insurance premium is being withdrawn from his checking accout every month. They won't pay any of his bills, including taxes, insurance, etThey stopped his monthly checks and I can't see where they are going and noone wants to tell me. Is is legal for them to accept this, work with him, make money, two years and wait until he's dead to make up their minds? Don't they still owe his account the monthly checks, since they may not accept the trust? I need help really bad, so anybody out there HELP PLEASE! Thanks for any assistance. BJ


Asked on 12/10/00, 5:57 am

1 Answer from Attorneys
William Poland Law Offices of William H. Poland

Re: responsibility of Trusts and beneficiary

I am not really sure that I understand your precise problem. Did you father have a will? This is very important. Did the will appoint Dean-Witter as the Trustee in the will or otherwise in the trust? This, also, is very important. If there is a will, has it been probated (filed with the court)? Just because there is some real estate in the trust, that should not prohibit Dean-Witter from serving as trustee. I would guess that if they do not want to serve as trustee, there must be some other reasons. In any event, another trustee can be appointed. I need to have much more information before giving you a definitive answer. Please write to me at my e-mail address if you have further questions....Bill Poland

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Answered on 12/10/00, 11:10 pm


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