How To Get Money Out Of A Trust Fund Early
Most parents want a financial plan in place for their children in case something happens. One of the ways to provide security is to set up a trust fund. A trust fund is a fund that contains assets for a beneficiary and held by a trustee. However, it has stipulations. Beneficiaries usually cannot get the assets until certain things happen or at a certain age.
If you are going through financial difficulty, then it can be hard to wait for the money to be released. You can get the process started by hiring a probate attorney. Read on to find out how to get money out of your trust fund early.
Talk To The Trustee
You should start by scheduling a meeting with your trustee. It helps to let your trustee know you are having problems with living expenses. You need to ask him or her about the terms of your trust fund. If the purpose of the trust was primarily established for your support, maintenance and health, then the money could possibly be released early. After finding out the terms, you need to ask the trustee to release some of the money to you. If the trustee refuses, then it time to hire a probate attorney.
File A Petition
It may take filing a petition in probate court to get funds distributed from your trust. You must petition the court and the judge know you need money living expenses. Your lawyer can help with preparing the paperwork and filing it in court.
Make A Request To Get Your Trustee Removed
It can be hard to work with some trustees. If your trustee declined or did not respond to your attempts to access your trust, then there could be many reasons. On the other hand, some trustees do not understand the terms of the trust fund and others are just plain lazy. When you file your petition, you can make a request to replace your trustee. If the judge feels the trustee caused the beneficiary any losses, then he could subject the trustee to surcharges.
Setting up a trust fund does not require someone to be rich. It is designed to allow a person's money to continue to be useful after he or she passes. Many parents choose this approach because they want to leave money to their children, but control how it is used. If you are a beneficiary of a trust and needs support, then it helps to talk to an experienced lawyer. Contact a firm like Moore, O'Connell & Refling PC to get started.