Can I relinquish my interest in a trust?
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Can I relinquish my interest in a trust?
I am a beneficiary of my parent’s estate but my portion is held in trust. I only get quarterly disbursements of interest. The balance of the trust will be disbursed to my children upon my death. Can I relinquish my interest in the trust and have the proceeds distributed to my children right away?
Asked on September 7, 2011 under Estate Planning, California
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
If you are the beneficiary of a trust receiving quarterly payments you can disclain your interests in it and direct the trustee making the distribution that your children who are the trust's contingent beneficiaries are to receive what you are receiving in your place for all future payments.
You will need to have a written document prepared to such request and have your signature to it notarized. Once done, it is to be sent to the trustee while you keep a copy for future reference if need be.
If your children are presently under the age of eighteen (18), trust distribution to them is required to be placed in a guardianship account for them until they become adults.
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