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Wed 6 Apr, 2005 07:38 pm
I am 18 right now, and before my grandfather passed away, he made my dad trustee of my trust fund. Unfortunately, my father has been using the money as he wishes and not for what it was intended (college). My dad says that even though I\'m 18, since he is the trustee for the account, he decides where the money goes. I fear he will spend the money I hoped to use for college on whatever he sees fit. Is there anything I can do, or am I just screwed?
thanks in advance for your help
**edited to clarify. my grandfather had put away a couple hundred thousand dollars in a trust fund, for me, for college. my dad had nothing to do with the money in there, other than him being the trustee now, since my grandfather is now longer around.
That's breach of fiduciary duty, I believe... If all options fail, you could file a lawsuit. Usually they work out a plan, like your father would have to give you 25% of his income until the lawsuit is paid up. But, that would be the very last resort... There are other methods like mediation, and just simply talking to your father (and possible getting him to sign a contract stating he will restore the funds/cover all college costs (be specific), etc.).
legally, can i ask for a copy of the trust agreement?
majikal wrote:legally, can i ask for a copy of the trust agreement?
That's probably a question for some of the more legally inclined experts on this board... I would tend to think that would would, though, but that doesn't mean I am right :wink:
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