Question about a trust fund?

Question

My mother left me money in the form of a trust fund, it's in a stock account but it's controlled by her sister.

Theres a whole messy situation with me and her family but basically we don't get along and I don't speak to them

My question is when can I obtain the money? or at least control it?

It is for my education, and I am using it for that but her family won't let me go anywhere I want to go because they like to control me, so I want to be able to decide what is done with it

I know different funds have different rules but are they're any universal instances it could be mine? I filed the the dividends the stocks collected as my own income on my taxes (as my aunt instructed me to), does that give me any control over it?

Steve D · Answer

No there are no  universal rules governing when you have access to the money.  Everything depends on the terms of the trust fund as set up by your mother.  For example, if your mother set up the fund strictly for your education, any other use (such as a vacation) would be prohibited.  You need to contact the institution holding the trust fund and see if you can get a copy of the fund rules.  And no, just filing the dividends as income doe snot give you control over the trust fund if control has not vested in you by the terms.

Lone Cat · Answer

Steve D has a great answer.

Your going to be an old man before you can touch any of the money.  My guess would be that the money becomes yours at around age 30 or 40.

There's no way for you to get around the trust.  Basically it's not your money and won't be for a very long time.

Tariq · Answer

In order to protect my assets from the liability point of view, what is the best rout I should follow. The irrevocable or revocable trust fund. If I form a irrevocable trust, would I be able to sell my investment properties or add new investment properties to the trust fund. Kindly advise. Thanks

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Question about a trust fund?

3 Answers