trust remainderman

[dragonfly1]

Jurisdiction

Texas

I am a remainderman to a trust in Texas. Do I have the legal authority to request a judicial modification to the trust? Can you please provide with a TX probate code to support or refute.

 

[adjusterjack]

You do if the trust document gives you that authority. You don't if it doesn't.

While the trust maker is still alive, he/she can create and amend the trust any time and any way.

Once the trust maker is dead, the trust is irrevocable and trustee must follow the terms of the trust in distributing the assets of the trust.

It would help to know why you want a "judicial modification" of the trust.

Meantime, here is the Texas trust code. Study up.

2013 Texas Statutes :: PROPERTY CODE :: TITLE 9 - TRUSTS

 

[army judge]

Oh yes, the old trust remainderman, the bane of many 1Ls. LOL


This is the one of BEST articles I've read lately on the subject of modifications of trusts.

Be advised, Texas law started changing within the last ten odd years on trust modifications.

http://www.galliganmanning.com/docu...nation-of-Trusts-and-Trustee-Resignations.pdf

Here are a couple more:


Trust Litigation -- Suing and Defending a Trustee



http://www.americanbar.org/content/...nal_v46_no1_spring_2011_ruce.authcheckdam.pdf

 

[dragonfly1]

ok, I am a remaindermen and the trust was created per stirpes, however my grandmother passed before her mother died and my mom inherited her share of the trust. I have an issue with the per stirpes language in the trust because while theoretically, it make sense legally, in reality other family members are receiving more money over longer periods of time than others, ie,. my Mother. As a remaindermen, I will only see the benefits later in life, thus my idea of modifying the trust so distributions can be made according to a family members age. Which means, hopefully, equal amounts over equal period of time. Is there any legal terminology and remedy for my trust issue?

 

[army judge]

ok, I am a remaindermen and the trust was created per stirpes, however my grandmother passed before her mother died and my mom inherited her share of the trust. I have an issue with the per stirpes language in the trust because while theoretically, it make sense legally, in reality other family members are receiving more money over longer periods of time than others, ie,. my Mother. As a remaindermen, I will only see the benefits later in life, thus my idea of modifying the trust so distributions can be made according to a family members age. Which means, hopefully, equal amounts over equal period of time. Is there any legal terminology and remedy for my trust issue?

Did you read the link?

You need a lawyer, not a simple discussion forum.

I'd give up your idea of penetrating that trust.

I doubt you can for the reason you espouse.

 

[dragonfly1]

Well, lets assume for the moment that as an interested legal party that I can legally modify the trust, would that be considered per stirpes with remainder representation? I don't think the code addresses that legal definition.

 

[army judge]

Well, lets assume for the moment that as an interested legal party that I can legally modify the trust, would that be considered per stirpes with remainder representation? I don't think the code addresses that legal definition.

A "remainder man" is the person who receives the principal remaining in a trust account after all other required payments have been made, such as those to the beneficiary and expenses. (I can't believe I still remember this after all these years.) LOL

Continuing - The remainder man may exercise the right to hold and use the property in the trust only after the trust has been completely dissolved.

You are, and will always be just the "remainder man".

A more common and perhaps indelicate way of saying this was told to me by my law professor as a 1L in what we called fondly, "wills and thrills - for - trusts and estates";
a remainder man gets the scraps after the royals have feasted. Professor Delaney went on to say, "If any scraps are left."

A beneficiary is any person entitled to any income or principal of an estate or trust or other contract (such as a life insurance contract or retirement plan).

Beneficiaries can have present interests or future interests.

An "income beneficiary" is a person presently entitled to some or all of the income of a trust.

A "remainderman" is a beneficiary entitled to the balance of a trust fund only after ALL other beneficiaries have died (or the trust otherwise ends).

How to Pay Remaindermen when Terminating a Trust - For Dummies

Remainderman Law & Legal Definition

 

[dragonfly1]

Actually, the trust dissolves 21 years after the last remaining grandchild dies, which is my aunt. I will become a beneficiary after my mom passes away, however my issue is the per stirpes language. While per stirpes is convenient for legal and trust purposes, it is not a fair means for distributing wealth among family members because some members will receive more money over longer periods than others, thus my idea of distributing wealth based on a persons age rather than when they die.

 

[army judge]

Actually, the trust dissolves 21 years after the last remaining grandchild dies, which is my aunt. I will become a beneficiary after my mom passes away, however my issue is the per stirpes language. While per stirpes is convenient for legal and trust purposes, it is not a fair means for distributing wealth among family members because some members will receive more money over longer periods than others, thus my idea of distributing wealth based on a persons age rather than when they die.

You said YOU were the remainder man. From what you say now your aunt is the remainder man.

I suggest you discuss this with a trust or estate lawyer.

Good luck.