Reply to Do you know how much is in the family trust?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]PP here. Is that weird that my parents have me pay the annual fee for a trust that’s unclear if it’s funded? I have 3+ kids (only sibling with children) and it’s kind of a pain to write this check every year. I’m like putting my own questionable inheritance on layaway [/quote]

I am the family coordinator for about the ten trusts in my extended family and a layer, though not a trust and estate lawyer, and I have no idea what you are talking about. [/quote]

That’s fair. I’m confused myself. Do the extended family members pay an annual fee into their respective trusts that they are beneficiaries of?[/quote]

Np. I’m a trustee on a trust and I’m also confused. I get a set amount each year to be the administrator and that is paid by the trust, from the trusts bank account. No, the beneficiaries don’t pay.

Also, I’m required to provide an annual accounting to the beneficiaries detailing beginning/ending balances of investments and any expenses.

I truly have no idea what you are paying. [/quote]

Yep. this is standard.  As a beneficiary you have the right to ask for a yearly accounting.  They might have funded a minimal amount to have it ready to go.   And you should have a copy of the actual trust and actually read it.  I’ve never heard of a beneficiary paying yearly administrative expenses.

Stop paying it without getting your questions answered.  Who do you make the check to?[/quote]

PP here writing the annual fee to the trust company. My dad owns a business and set up a series of trusts. He said one day some big deal would fully find it and pay $1MM into the trust, which today sits at $0 according to the annual statement I receive. I receive an invoice from the trustee firm each summer showing I owe $600 for the management fee. So far I’ve paid $6,000. I’m so confused. [/quote]

Your dad sounds like a scam artist.

[/quote]

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