In Lee County, and other localities across the country, people may establish trusts in order to pass an inheritance on to their beneficiaries after their death. As a part of the estate planning process, there is often a trustee named to oversee the administration of the terms for the fund. There may be some situations, however, where the trustee may feel there is a problem, such as a person not being mentally competent to make their own decisions, and may choose to withhold funds from the intended recipient.
One of Walt Disney’s grandchildren has reportedly filed a lawsuit to try and have the control over a trust that was established for him by his mother, Disney’s daughter, revoked from the trustees currently overseeing the fund. According to reports, the man’s mother had established trusts for him and his twin sister. The trustees were meant to give each of the twins a lump sum payment every five years, in addition to annual payments. While the trustees have continued to make the payments to the man’s sister, they have purportedly stopped paying him in accordance with the trust’s terms.
According to reports, the trustees stopped making his payments in part based on allegations that his father was taking advantage of his diminished mental capacity for his own personal financial gain. The trustees reportedly suggest that the man suffers from a condition called “chronic cognitive disability”, which has impeded his ability to manage his own finances.
Whether you are the recipient of a trust and have questions or concerns, or you would like to establish a trust to be left to someone after your death, it may be of benefit to consult with a lawyer. An attorney can explain your options and help you decide the best course of action for your situation.
Source: NBC News, “The Disneys: Not the happiest family on Earth,” Mike Taibbi and Andrew Blankstein, Nov. 23, 2013