This personal situation has been intensifying for years. My mother died a few years ago from a chronic illness, which the whole family knew would end her life and eventually be fatal. My sister is 10 years older than me, is married and has two young children. I am married and have three young children, one of whom is my stepdaughter (curiously, this distinction has some importance).
Two trusts were established for both of my parents. They were created by a reputable firm and lawyers and financial advisers etc. There is about $ 3 million in the two trusts, half of the assets in my father’s trust and half in my mother’s trust, which now exists due to her passing. The house my father lives in is worth about $ 1 million and is included in my mother’s trust. My dad, my sister and I, and our direct descendants are the beneficiaries of my mother’s trust. My father is the co-trustee of my mother’s trust along with her attorney. ‘I have not received any legal documents’ To date, I have not received any legal documents or updates on the value or status of my mother’s trust of which I am the legal beneficiary. My father is now getting married again and has stated that he will legally push for his new wife to have the right to live in the family home until she dies or wants to love or remarry, etc. They are strange conditions, but the result would be her. lives in the house for free for life, but pays taxes and maintenance, etc. Are you still confused? I’m sure! I have told my dad that I am concerned about the welfare of my children, since I am not rich, I have a normal job and I don’t even have a house. I have received gifts from my father, which are generous (a few thousand dollars usually during tax season) from time to time, but have not received any help from the royal trust, which I consider to be my mother’s family trust , and legal documents Supports my point. ‘He has a pension, paid health care and Social Security’ My father says that “nothing was inherited” and that it is not my money or my children’s money. He says that “she may have something left to inherit” after he’s gone. I was surprised when he first brought up such a possibility due to the fact that he has a pension, paid health care, and Social Security giving him a six-figure income and hardly any expenses. He and his new wife have already traveled to France together, apparently intending to live up to their personal confidence and combined income. I just want to make sure my kids have the biggest safety net for a certainly uncertain future. My dad has not responded to these concerns with any kind of recognition of how precarious our situation is in my opinion. I find this very strange also considering what happened to COVID-19 and the economy! I came across a provision that if you remarry without a prenuptial agreement, you can no longer legally be the trustee of my mother’s trust. I don’t know what I would do with that information, especially considering that I don’t want to alienate anyone from my family. Even if he only looked at it financially, maybe he could get me out of his own confidence and make the situation worse for my children. My sister doesn’t respond to my concerns and says it’s “daddy’s money.” She gets help from him, and also from my aunt and uncle, and she’s not rich herself. What the hell can I do? Baffled by Grandchildren’s Apathy You can email The Moneyist with any financial and ethical questions related to coronavirus at firstname.lastname@example.org Dear Baffled: There are three parts to your letter: your father’s legal obligations, elections lifestyle of your father and your children future financial security. The former must be dealt with regardless of the possible repercussions because it is your father’s duty to act in the best interest of the trust beneficiaries, abide by the rules of the trust, and not use the trust as a stick in his dealings with those beneficiaries. There are many reasons a judge would consider removing you, including misconduct, lack of action, and self-treatment. Given what you said about the arrangement in your mother’s trust, if your father were to marry without a prenuptial agreement, he would effectively be out as trustee. That would be a clear violation of the established rules and, in such a case, it would not take much to remove it. Problem solved. A word of caution: “Trustees are free to use trust funds to defend themselves, according to Kenk Law in Philadelphia. “If not countered by an experienced attorney, the trustee can use the procedural steps to prolong the process and increase costs.” The second problem here, his father’s trips abroad, spending habits, and his relationship with his future second wife, is his father’s business. He has the right to live his life as he pleases, and you will simply torture yourself by controlling his comings and goings and judging his choices. Third, your mother’s trust will provide a lot of meat and potatoes for your own circumstances and those of your children, but you are solely responsible for your own financial well-being and that of your children. Your father’s confidence is gravy. It would be nice to have him, sure, but you can do just fine without it, and he doesn’t have to cut back to meet your needs. It is his money, his life and his new wife. Cut those ties between your future and your father’s present. Confidence wise, it’s a business, even if it feels deeply personal. Break the rules, it’s out. It does not fulfill its fiduciary duty, it is out. If you want to spend the rest of your days angry, that is your choice. You simply have to make sure your mother’s wishes are respected. When you’ve solved the manager’s problem, live your life and let your father live his. The Moneyist: When my parents died, my sisters and I divided their estate. I chose a painting that can be worth $ 50,000. Should I tell them? 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