Legal Question in Wills and Trusts in Texas
how to break an irrevocable trust
My mother died 17 yrs ago. Two weeks before her death, my brother - an attorney - had her sign over the residuary of her separate properties into an irrevocable trust. He and another brother are co-trustees.
In the ensuing years, he has distributed money monthly, and does a ''catch-up distribution'' of any left over after the fiscal year. We never have any idea what this ''catch-up'' will be, making it difficult to plan. We are unaware of his salary. And it appears that he fares better financially than the other beneficiaries. The other co-trustee is simply a letter-signer. He has no input. What are my rights as a beneficiary? Also, this trust has millions in cash which he invests in a Schwab account!! He is not a financial professional, and yet he invests the funds on our behalf. I would like to break this or become my own trustee. Any guidance is appreciated.
1 Answer from Attorneys
Re: how to break an irrevocable trust
You can't break the trust, but you may be able to get rid of the trustee if you can prove that he's breached his fiduciary duty to you as the beneficiary.
See a lawyer that handles probate litigation.
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