Shana, thank you for posting that link. I am uneducated when it comes to Trusts and so forth, but I have to admit reading that left a bad taste in my mouth. It seems like a Trust is looked upon as an entitlement, rather than a gift. I can actually SUE the Trustee, if I feel my RIGHTS are being violated? That was probably next on the agenda...
Hi suzyq! You're welcome.
We have a lawyer on this thread (who happens to be one of my favorite posters on WS). I'm hoping she'll drop-in when available to answer your questions.
For now, you might want to read-up on the definition of Trusts, or more specifically the
Inter Vivos (Living) Trust. I am not certain because I have not seen the original trust docs, but I believe the Harrod (Family) Trust may well have been this type.
In a familiar instance, the following scenario
might apply:
As part of an Estate Plan, a husband & wife (Trustors) would create a Living Trust naming themselves as Co-Trustees so long as both are alive. After the death of one, the surviving spouse becomes Sole Trustee. After the death of the surviving spouse, a Successor Trustee is appointed (named in the original docs and could be an individual or a corporate entity for example).
The terms of the Trust specify how the Trustors want their Estate distributed including named Beneficiaries. Benes might be children, grandchildren, or even a charitable foundation established by the family, and so forth.
The role of the Trustee is essentially to carry-out the terms of the Trust
as the Trustors declared. The Trustee's actions are accountable and defined in Probate Law, simply and generally stated in the Bill of Rights link I posted.
As you might imagine, there are instances in which the Trustee deviates from the wishes of the Trustor(s) as expressed in the original agreement. If the Trustee does not perform according to the terms of the Trust, the Beneficiaries have legal recourse. From the link I posted, one point for example:
All trustees have a legal duty to keep you reasonably informed about what the trust provides, and what they are doing to administer the trust. You have the right to sue them if they don’t. If the Trustee refuses to give you the terms of the trust after you have made written demand, the court has the power to remove the Trustee and/or hold them personally liable for your damages.
I know gitana1 can answer your concerns far better, but for now I just wanted to try an explanation of sorts from my personal POV.
~jmo~