Hello,
My Father and Step Mother had family trust drawn up some years ago. My Father developed Dementia and upon my Step mothers death I became Trustee and the trust became Irrevocable. My Father has been diagnosed with Progressive Dementia but as yet I have not put him through becoming his conservator. Upon my Fathers death there are four children and myself (all over 21)that are the beneficiaries of the Trust. I have been told that I may draw a salary to run the trust up to 1% of the value of the trust per annum. My Father and Step Mother both had agreed on me taking a salary. Do I need permission or approval from the other beneficiaries of the trust (the children) or do they have a right to question or contest my taking a salary or the amount of the salary for the considerable time it takes me to manage the trust and it's assets?
Thank you for your time
My Father and Step Mother had family trust drawn up some years ago. My Father developed Dementia and upon my Step mothers death I became Trustee and the trust became Irrevocable. My Father has been diagnosed with Progressive Dementia but as yet I have not put him through becoming his conservator. Upon my Fathers death there are four children and myself (all over 21)that are the beneficiaries of the Trust. I have been told that I may draw a salary to run the trust up to 1% of the value of the trust per annum. My Father and Step Mother both had agreed on me taking a salary. Do I need permission or approval from the other beneficiaries of the trust (the children) or do they have a right to question or contest my taking a salary or the amount of the salary for the considerable time it takes me to manage the trust and it's assets?
Thank you for your time
