Trust funds aren't just for babies of Porsche-driving parents anymore. They're becoming much more common in estate planning for average folk (hooray for the rest of us!). Assuming you are of age to access your funds, the process is pretty straightforward. However, it's always worth taking the extra effort to make sure you're getting what's due you and that the trust is being handled properly.
Read over a copy of the trust to understand what you are entitled to -- mainly what assets you are able to access. Find out at what age your trust terminates. You might have to take more action if you haven't heard from your trustee regarding the process of turnover or transfer.
Contact the trustee if you do not have access to a copy of the trust. Younger generations should be aware of their rights to their funds, according to FamilyEducation.com. Make written requests to the trustee for an accounting of the trust assets that covers the entire life of the trust and distribution from the trust of any assets that you are entitled to by its terms.
Seek the help of an attorney if you're running into trouble in dealing with the trustee. As beneficiary of the trust, hire an attorney to gain backing to your petitions. If the trustee has been non-responsive, an attorney can demand a review of the account information. Get the help of an attorney in acquiring your assets to combat any potential breaches in fiduciary duties over the years.
- Most Trusts have some sort of hardship clause where the funds may be available to certain people who qualify. You can contact various companies that will front you money until a settlement arrives or the funds become due. Beware that these companies will take a portion (read, large chunk!) of what you receive.
- Be sure to heed the terms of your agreement. This is a legal document that cannot be changed, no matter how hard you try to wheedle money out of the trustee.
- Jupiterimages/Photos.com/Getty Images
- Differences Between a Savings Account & a Money Market Account
- How Do I Know What a House Is Really Worth Before Making an Offer?
- How to Get Car Repossession Fees Waived
- The Difference Between a Checking Account and a Money Market Account
- Tips for Debit Card Users
- Paper Checks Vs. Electronic Checks
- Which Is Better, a Savings Account or a Money Market Account?
- What Are the Advantages & Disadvantages of Holding Your Money in a Liquid Form?
- What Is an Example of a Low-Risk Asset?
- The Differences Between CDs and Money Market Accounts