Submitted by Anonymous on Tue, 01/12/2010 - 14:04
My sister left a will pouring over her assets into a revocable trust. The Trust specifies that specific beneficiaries are to receive specific amounts of money. The beneficiaries are listed in the Trust but the Trust does not specifically state the priority of the bequests.
However, there may not be enough money to fulfill all of the bequests after payment of debts, taxes and administrative expenses.
Can the Trustee, my other sister, take it upon herself to divide up the remaining money so that all the beneficiaries receive some money or is she bound to distribute the money as specified in the trust and the last beneficiary(ies) may receive no money whatsoever?
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Distribution of assets from revocable trust
It is always folly to try to answer this type question without first reviewing the controlling document - the trust itself. The trust document is the contract between your deceased sister (sometimes referred to as the "Donor" or "Grantor" or "Settlor"), and your other sister as trustee of the trust. The trustee has very strict fiduciary obligations to the beneficiaries - those individuals or entities for whom the trust is administered. So she needs to proceed with caution.
If the trust literaly has one "homoginized" group of beneficiaries (e.g. "all trust property shall be divided equally between the following 12 beneficairies") then that is what the trustee is obligated to do - divide the remaining assets as equally as possible.
More often than not, however, a trust will have different groupings or "classes" of beneficiaries - and then it gets a lot more tricky. There is always a correct disposition of the assets, and the trustee will absolutely need to consult with an experienced attorney to determine who should get what from the trust.
It is generalization to be sure, but I am willing to bet that the trustee has little or no discretion with regard to the final disposition of trust assets. She needs to comply with the "contract" that she signed with the Donor - and if she fails to do so she can have personal liability to a slighted beneficiary.