Everyone knows the term “trust-fund babies” but living trusts aren’t just for the rich anymore. More and more people are finding that when their loved ones die, there may be a trust in place from which they can draw from. When you have assets in a trust that you have access to, collecting money successfully will depend on many factors. Here is how to collect money from a trust.
Request a Copy of the Trust
Contact the trustee and request a copy of the trust document. The trustee should be able to provide you with the trust and all associated financial documents dealing with the trust. If the trustee is not able to provide you with the paperwork, you need to talk to an attorney right away.
Check the Wording
The best way to determine how to collect money from a trust is to look at the wording of the document itself. Does it mention at what age you will have access to funds? Does it discuss of any events or requirements that may trigger the end of the trust? If you have questions interpreting the meaning of the trust, call your estate attorney. They will be able to explain what the trust means and when you can collect money. If you are of age and meet all the listed criteria, collecting money is easy.
Trouble Collecting?
If you are the beneficiary of a trust, and you are getting the run-around from a trustee, you need to call an attorney as soon as possible. A trustee has certain duties they must uphold to beneficiaries. One of these is providing an accurate account of the assets of the trust. If the trustee does not fulfill these duties, the trustee can be held liable.
If you are trying to collect money from a trust and running into problems, contact the Lucé Evans Law Firm online or call (972) 632-1300 for a free consultation.
