Let’s say that you are the beneficiary of your mother’s revocable trust in Florida. And, just like the Tom Cruise character in “A Few Good Men”, you are saying “I want the truth !” about your mom’s revocable trust,and why your sister, who you don’t get along with, is the successor trustee. Consider this Florida trust commentary the “straight talk express” for you trust beneficiaries out there who have a problem with your sister being trustee. Ok, let’s just say it: you hate your sisterand hate the idea that she is your trustee. You HATE the idea that mom left you an inheritance in trust and that you have to ask your sister for money. How cruel ! Imagine ! You want answers and you want to be in control. But you’re not. Maybe you have contacted a Palm Beach trust litigation lawsuit firm to answer your questions, but they don’t have any answers. Well here is some pointed commentary & perspective for trust beneficiaries who don’t get along with their sister who is the successor trustee of mom’s living trust.
Mom’s Living Trust Puts Sister in Charge
- Mom died a rich woman in Palm Beach Gardens, with a Florida revoable trust that had$5 Million in stocks and bonds
- The Palm Beach probate is all wrapped up and the estate is closed
- Mom’s revocable trust is now an irrevocable family trust, something called a “Bypass Trust” but you have no clue what a ByPass trust in Florida is
- Your cousin, who is a trust lawyer in Lake Worth but does not handle trust lawsuits or trials, says it’s an estate tax term and to ignore it
- No need for a Palm Beach estate lawyer
- Your sister is now the sole trustee of mom’s living trust and she lives in Boynton Beach, Florida
- Wow….. are you angry!
Why Did Mom Not Put Me in Charge of Her Florida Trust?
- You are wondering why YOU are not the trustee?
- You have questions about the trust !
- And you are wondering why your inheritance was not just given outright to you….why do you have to ask your sister the trustee for money from mom’s family trust?
- Well here is some Florida trust beneficiary perspective
- You will probably not like what I have to say, but consider it a splash of cold water on your trust confusion, based on decades in the trust world
Myths & Realities About Mom’s Revocable Florida Trust
- Myth: mom wanted you to have a say in her trust. Reality: not really. If mom wanted you to have a say, she may have named you as trustee of her trust. But she didnt. She could have even named you the co-trustee, but she did not. Why not? So, you are a trust beneficiary of a Florida trust and you definitely have LOTS of right, but you are not in control of the trust. The trustee is. Your sister. Who you hate.
- Myth: mom wanted you to have more money. Reality: no so much. If you are asking for money from your trustee, a so called discretionary distribution, and your sisterwon’t give you all the money you want from the trust, you are probably upset. But momdid not want you to have unlimited access to the money. That’s why she put it in trust for you. The reality is that , yes, a trust in Florida is a set of financial handcuffs. Sorry.
- Myth: mom trusted me. Reality: absolutely not. If mom trusted you, she would have either given to your your inheritance outright without a Florida trust, or she would havenamed you as a trustee or a co trustee. But she didn’t. She didn’t want you in charge of your inheritance. Your mother wanted your sister in charge of your inheritance. That’s why your mother named your sister as her trustee and not you.
- So, here is the card that you, a Florida trust beneficiary, can play. YOU have LOTS of rights under the Florida Trust Code laws.
- Do you know what your rights are under your mother’s trust?
- My guess is that you don’t have a good idea.
- You can google search Chapter 736 of the Florida Statutes and explore all your rights as a trust beneficiary.
- But do you know HOW to exercise your rights?
- And what to do to your sister if she plays fast and loose with the trust?
- Is she operating the trust in secret?
- Is your trustee not showing you where the trust money is?
- Won’t give you statements or a Florida trust accounting? (Uh-oh….)
- If you don’t trust your trustee, then you should know if you are being harmed by her conduct or whether she is doing a fine job. A good trust litigation law firm West Palm Beach will be upfront with you and offer common sense and honest trust assessment in addition to fierce advocacy. Be smart. Even be a little cautious before you file that trust lawsuit and sue your sister the Boytnon Beach trustee. But…. know your rights.