I'm not listed in a will but the deceased had funds belonging to me?

Question

My legal guardian recently passed away in February.

As I was growing up I had CDs and Savings Bonds and an amount of cash that she put into an account for me. Found out that her son was appointed as the Executor of her will about 8 weeks ago so I figured nows the time to call the bank about my funds.

Figured that I was listed as a trustee...I wasn't - I'm a beneficiary and her son (who is much older than I) is listed as the trustee.

The bank would not release any additional information.

Acquired her will from probate and found a clause listing all of her property to go to her son.

There is however a clause that reads this:

"To make distribution to which a minor is entitled hereunder solely to a parent or guardian for such minor, or to apply all or any part of such distribution directly for the maintenance, education, or benefit of such minor."

Does this mean that her son (the executor) has control of giving me my funds?

I know that the bank says yes to that question but is the will prompting that action?

I'm 19 now so I am a legal adult - am I entitled to the accounts where I am listed as a beneficiary?

All help, thoughts, or suggestions is GREATLY APPRECIATED!

Thanks all!

Answer 1

My gut says yes, but I don't know what the law says in this regard. You should talk to a lawyer.  

Answer 2

First of all, your guardian's death technically changed nothing about your status in relation to the trust.  Unless the terms of the trust specified that it would dissolve at the trustee's death (a very unlikely scenario), the trust simply continues with the same terms, excpet that the trustee role must be reassigned to someone else.  That someone else appears to be the executor of the estate, which would be the typical way to handle a trust for the benefit of a minor.  You would typically not be designated as the trustee, because the whole point of the trust in the first place was to keep you from having exclusive control over trust assets.  

Even though the trustee now appears to be in control, the quoted clause is now irrelevant.  It covers only distributions to minors and you are no longer a minor.  You need to find out what the trust instrument says regarding distributions to beneficiaries who are no longer minors.  Does the trust simply dissolve with all assets going to the beneficiary(ies)?  Does it dissolve with all assets going somewhere else, so that you're now out in the cold?  Does it continue until you reach some later age--30, perhaps?  If it continues, then what is the method for distributing trust income and assets to beneficiaries who are no longer minors?

Bottom line:  Your guardian's death didn't change much.  But it's quite possible that you turning 18 changed a lot about this trust.  You would need to look at OTHER clauses in the trust instrument to know exactly how.

Answer 3

You need to get to a probate lawyer asap and file a claim.  

Answer 4

The will must have been made some time ago, while you were still a minor. Presumably the intention was for the guardianship of your assets to pass to her son, but now that you are of full age, you should be given complete control of these assets.

Why not discuss this with her son and ask what steps he proposes to take to release these assets to you as soon as possible? If he is trustee, then he is in a position to sign the release papers. These assets do not fall within the estate, as they are held on trust for you.