Q: My MIL designated herself as grantor of my daughters' education account using money from their ggf's trust. Legal?
We are in Florida. My husband's grandfather was and his mother is in California. His mother was the trustee of his grandfather's trust which specified that upon his death each of my daughters should recieve $25,000 to be used toward their education. My MIL took the $25,000 and opened an account with herself as the grantor alongside an account that she and he late husband had opened. My daughter recieved Bright Futures at 100% tuition and will still have thousands of dollars left in the account when she graduates. My MIL says that she plans to transfer the unused money to her other 11 grandchildren. Can my daughter legally take the money before that happens? Can she legally transfer the money to anyone else since the trust specified it was to be used for my daughter?
A: It doesn't appear that the trustee can do that, but one would have to read the trust to be sure. Also, since it appears to be a California trust, you might want to ask a California attorney to take a look at the situation.
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