Legal Question in Wills and Trusts in Tennessee

There was a trust fund set up in Tennessee about 20 yrs ago by my husbands Great Aunt. She named my Husbands brother as the recipient. The trust was to contain all money that was free from tax. Of course, since the law has changed dramatically, the amount in the trust is 5 mill. The Aunt died, this winter, My brother in law wanted to split the trust 3 ways between him and his siblings as he felt the money was meant to be done in that manner. Now the bank has flown a representative to his state, telling him, He can never touch the 5 mill, cannot split it, can only have the dividends. They are telling him he has to pay all of his debts off they want his W2s, his 401K totals etc. After that is done he can maybe spend some dividends. They are in charge of the trust, but it's like they have it hostage. We are devestated, of course, becuase, we will not benefit at all probably. Does this sound legal. My husband told him to hire a lawyer in Tn to look this over and see if this is right. But the brother in law feels the bank has many lawyers and he couldn't fight them???

Asked on 8/04/11, 5:13 pm

Marshall Snyder Law Office Of Marshall Snyder

0 users found helpful

0 attorneys agreed

The trust and the facts surrounding it deserve a full discussion with an attorney.

Answered on 8/04/11, 5:23 pm

Keywords

Match Any Match All

Country

State

Area of Law