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Old 03-29-2013, 11:06 AM
 
Location: NY
9,071 posts, read 14,980,293 times
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I would be frustrated too. Unfortunately, you are legally bound by the rules of the trust. Don't make the situation adversarial with the uncle. Just give your case and reasoning behind why it is in your best interests, and financially acceptable to buy this house.

Then if he leans away from it, look further into the legal reasons you could access the trust. Whether the rules or measuring sticks which he can and cannot use to deny access for this purpose.

The devil is going to be in the details here.
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Old 03-29-2013, 11:06 AM
 
12,544 posts, read 12,475,698 times
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Quote:
Originally Posted by Copsgirl73 View Post
It is a trust set up by my husbands grandfather long ago. Basically, at some point in the future (15years or so) we will be able to retire and live off of it. Its a sizeable trust lets put it that way. My husband also received a sizeable amount after the death of his father as well. The down payment is a drop in the bucket compared to what the trust will be worth in 15 years

The uncle should sign whatever it is he needs to sign to release the money and then butt out. As you've noted, you and your husband are both in your 40s. You two know what is best for your family, and it is indeed insulting that the uncle feels he should have that much control. Someone died and made him a paper-pusher, not king.
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Old 03-29-2013, 11:08 AM
 
13,675 posts, read 13,514,075 times
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Given that the trust is 15 years out, can't you take some kind of loan out based on that? How many other people will be receiving money?

Contact a financial planner to build a case for the purchase maybe. Type up a proposal that lays all this out clearly.

If it's not just your husband who will benefit from this trust though, I can understand why the guy in charge is wary of disbursing funds early.
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Old 03-29-2013, 11:08 AM
 
Location: Alaska
5,356 posts, read 16,311,627 times
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Quote:
Originally Posted by Copsgirl73 View Post
But it is our money. And if we didnt get the "ok" to get the money from the trust for a downpayment in the first place we woud have gone another direction.
That's where you're mistaken. The funds belong to the trust and the trust can only be distributed according to the original terms. It appears that the uncle has been given leeway to release funds early for acceptable uses. He has agreed to providing a down payment, but as a trustee, he needs to ensure that anything he does meets whatever terms set by the trust. Otherwise, he'd open himself up the lawsuits.
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Old 03-29-2013, 11:15 AM
 
Location: Alaska
5,356 posts, read 16,311,627 times
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Quote:
Originally Posted by Lilac110 View Post
The uncle should sign whatever it is he needs to sign to release the money and then butt out. As you've noted, you and your husband are both in your 40s. You two know what is best for your family, and it is indeed insulting that the uncle feels he should have that much control. Someone died and made him a paper-pusher, not king.
I disagree. Trusts are set up for a reason. The husband apparently went through his inheritance from his father with little to show for it. What's to stop them from going through the trust in 5-10 years? Financial management doesn't appear to be one of their strong suits. The uncle, wanting to see a budget on how they will pay their bills is prudent. They need to show they can be financially responsible before they get the funds.
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Old 03-29-2013, 11:19 AM
 
Location: Brentwood, Tennessee
42,804 posts, read 41,495,107 times
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Originally Posted by akck View Post
I disagree. Trusts are set up for a reason. The husband apparently went through his inheritance from his father with little to show for it.
OP said they invested the inheritance.
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Old 03-29-2013, 11:20 AM
 
775 posts, read 1,056,506 times
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Quote:
Originally Posted by akck View Post
I disagree. Trusts are set up for a reason. The husband apparently went through his inheritance from his father with little to show for it. What's to stop them from going through the trust in 5-10 years? Financial management doesn't appear to be one of their strong suits. The uncle, wanting to see a budget on how they will pay their bills is prudent. They need to show they can be financially responsible before they get the funds.
I already said we did not remove any $$ from the inheritance. That money was reinvested.
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Old 03-29-2013, 11:22 AM
 
775 posts, read 1,056,506 times
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Quote:
Originally Posted by JrzDefector View Post
Given that the trust is 15 years out, can't you take some kind of loan out based on that? How many other people will be receiving money?

Contact a financial planner to build a case for the purchase maybe. Type up a proposal that lays all this out clearly.

If it's not just your husband who will benefit from this trust though, I can understand why the guy in charge is wary of disbursing funds early.
The trust is set up for my husband, in his name only. So no one else is receiving money out of that account. The other grandchildren have their own trusts set up, in their own names.
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Old 03-29-2013, 11:23 AM
 
Location: Alaska
5,356 posts, read 16,311,627 times
Reputation: 4023
Quote:
Originally Posted by Checkered24 View Post
I would be frustrated too. Unfortunately, you are legally bound by the rules of the trust. Don't make the situation adversarial with the uncle. Just give your case and reasoning behind why it is in your best interests, and financially acceptable to buy this house.

Then if he leans away from it, look further into the legal reasons you could access the trust. Whether the rules or measuring sticks which he can and cannot use to deny access for this purpose.

The devil is going to be in the details here.
Based on the OP saying the trust is sizable, I'd bet the terms would stand legal action. It would likely take years in court and the reason would be moot as the house purchase would be well past. The uncle is doing his job in protecting the trust while trying to meet current needs of the nephew. It's best if they try to work with him.
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Old 03-29-2013, 11:26 AM
 
Location: Alaska
5,356 posts, read 16,311,627 times
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Quote:
Originally Posted by Copsgirl73 View Post
I already said we did not remove any $$ from the inheritance. That money was reinvested.
Sorry, I missed that. Is there a reason you can't use it?
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