my brother is trustee and a beneficiary to an irrevocable trust in MI. There is huge animosity between him and one of the beneficiaries (4 total beneficiaries including him). I am a beneficiary and get along with him but I know of a lot of unethical behavior of his in the past (unrelated to the trust) and although we get along I do not trust him at all. Is there a way to get a trustee added so that we all feel more secure that the trust is being divided equally and he is not pocketing some extra money. Although he will provide a list of assets he will not provide any details to prove he has not moved money into his own accounts. This is not a small trust - and we just want greater transparency. thanks!
By its nature, an irrevocable trust can only be changed or amended by a court order, one that is extremely difficult to receive. The trustee of an irrevocable trust can still invest the trust's assets, which can be sold or purchased, and make payments to the trust's beneficiary or beneficiaries in accordance with the trust's provisions, but little else.
Blood relationships do not exempt the trustee from the legal responsibilities, and it is not unusual for a child or children to sue a parent they feel has mismanaged a trust. Nor is it uncommon for siblings to sue each other. The children who are set to receive the proceeds of an irrevocable living trust retain legal rights, even if the trustee is the sole surviving parent. They may demand an accounting of the trust and its activities, they may inquire as to the nature of any investments, and question payments of principal made from the trust for the surviving spouse's health or support. They may even claim mismanagement of the trust and bring legal proceedings against the surviving spouse.
I suggest you discuss your concerns with four or five local attorneys.
Be sure you take all documents related to the trust.
Yes, changes can be effected by the probate court.
You'll need an attorney to do that.
Trusts are far too complicated for many attorneys.
That's why you want to select the right attorney.
It isn't a DIY effort.
Trust Modification and Termination
Probate Litigation - Frequently Asked Questions | Michigan Law Firm – Attorneys | Warner Norcross & Judd LLP
http://www.macombcriminalattorney.com/duties-of-trustee
