My grandfather passed away in 2007 presumably leaving everything to his current wife at the time. Fast forward to 2019. Upon news of her remarriage, I was told by a relative to pull a copy of his will as he seemed to remember it stated something about the estate to be given to the grandchildren upon her remarriage or death.
After pulling a copy of the will from the courthouse, I learned she was granted full usufruct of his estate, but a trust fund for the grandchildren was to be set up. The terms of the trusts were that she (his wife) were to be trustee and income beneficiary of the trust. The grandchildren were to be the principle beneficiaries and successor income beneficiaries in the event she passes or remarry.
It also details that the trustee shall only invest the principle in accounts fully insured by the FDIC. The trust is set to terminate for each principle beneficiary upon their 28th Birthday.
As the beneficiaries were all minors at the time of his death, none were made aware of this trust until now. It’s been nearly a year since I, the eldest grandchild, had turned 28 and still no news of this trust.
I have an attorney looking into this matter, but I’m curious if she is indeed liable if she did not follow the terms of the trust by either depleting the assets or not distributing the principle upon my 28th Birthday?