A little over a year ago my grandfather passed away from cancer. He had a trust set up for my father and his sister (my aunt). My father was the beneficiary and she is listed as a special needs. My father has recently been incarcerated and is willing to sign over his inheritance to me so I can get on a level playing field as my aunt. We want to keep the estate that was left but all they want is their 50%. I am willing to buy their half out and take over. Just don’t know what proper steps to take without shooting myself in the foot by taking action. Any and all advice would be greatly appreciated. It has been a non-stop battle of threats and attempts lawsuits from the other party that they’re not being treated fairly.
When a trust is set up, the person setting up the trust–in this case, your grandfather–is called the grantor. A trust is normally revocable, which means that the grantor can change the trust at any time, or can even cancel the trust. A trust changes when the grantor(s) dies and becomes irrevocable, which means it cannot be changed. There are some facts that are important to know, such as the name of the current trustee. A well-written trust will always spell out what is to happen and make allowances for a trustee that does not do their duty to the trust and the beneficiaries. It will also describe when and how the trust is to be closed out. There are too many different scenarios to be able to address all of them in this limited forum. The best thing you can do to help your father and yourself is to take a copy of the trust document to an experienced trust attorney.