My grandfather left me a trust which I have been receiving income from since the death of my mother in 1991. The investments are pretty conservative and the income should be higher in my opinion. I haven't pursued breaking the trust because I was told the judge could revoke the whole thing. My problem is that it is with Bank of America (since Continental Illinois Bank & Trust disolved) and I'm concerned it may not be there for my kids when I pass, given the recent problems of B of A. What can I do?
1 Answer from Attorneys
You should meet with an attorney who can review the trust with you and properly advise you of your rights under the trust document.
Usually when a corporate trustee is acting, they are entitled to maintain the account with their own bank. You may be able to change the trustee or petition the court to do so if there is a legitimate reason.
Good luck to you. Let me know if I can assist you.