Question From Reader
A reader seeking help asked me to post a question on the Blog to see if any other reader may help him. I don't provide legal advice by email to people who post comments, but this seemed to be an interesting and not uncommon situation. If you have an opinion, please email the reader at the email at the end of the question.
Here's the question (unedited)
In Sep 1998 a standard revocable trust was established for my parents who resided in Boca Raton.Florida (I reside in New York).
The name of the trust was "John Doe and/or Jane Doe(my mother who died 5 y ago) and/or Stanley Doe(my name) as trustees of the John and Jane Doe revocable trust dated Sep 17th,1998" I am one of the co-trustees.
The trust as well as the will stipulated that I will inherit all assets .Recently my 96 y old father who although understandably somewhat cognitively impaired is MENTALLY COMPETENT, met a woman 25 years his junior who convinced him to marry her and to change his will which will make her the sole beneficiary of his small estate(less than $100.000 in CD's,checking accounts and US Gov EE series bonds).
Since his future wife, a classical gold digger, is likely to spend all his money and then to abandon him, is there anything I could do considering the fact that I am still a co-trustee to prevent my father's wife from spending his money when he is still alive and/or inheriting his assets upon his death.?My father will probably get married in the next few weeks. I suppose that if he revokes the trust I will loose all my rights and keeping his money over his objection would be probably illegal(breach of trust) for me to do. I might add that I have his power of attorney to take care of banking transactions,bonds transactions and all other matters. but it is probably unimportant since I believe that the trust replaces the power of attorney. Could I transfer the money which is in the name of the trust to my personal account, perhaps as a loan, to which I believe I am entitled to, as stipulated in the trust.This at least may buy some time. although eventually I suppose that I will have to return money to him if and when he revokes the current trust and establishes a new one
Thank you for your assistance in this matter.
Sincerely,
(name withheld)
E mail address: mopamopa1@aol.com
It would seem that we're missing some information. What does the trust instrument say about the purpose of the trust, limits on the powers of the trustees, and the identity of the beneficiaries?
It would also seem that, unless the father revokes the trust, inheritance issues won't be affected by the marriage or the will, but there's no way to know for sure without examining the relevant instruments.
As far as the Power of Attorney goes, did it expire upon the creation of the trust? If it's still in effect, and under its terms would survive the marriage, then it may be part of a solution unless the father revokes the POA too.
It may be that the only way to preserve the assets is to resolve the matter in the courts - thereby tying up the assets (and possibly depleting them, unfortunately) through litigation.