Billy Beneficiary was happy with the wonderful cake his mother, Sally Settlor, had baked for him. What he was not happy with was what Sally Settlor did with the cake. She gave it to her sister, Tina Trustee, with instructions to give Billy only as much as she, Tina, thought he should have.
Billy was outraged! His Aunt Tina didn't even like cake! What's more, he didn't think she really liked Billy either. She was always telling him he ate too much cake, and criticizing his friends, including his roommate, Minnie Moocher.
So Billy went to his friend, Louie Lawyer, to ask what his rights were in the situation. Louie explained that Sally Settlor must have written down her instructions to Tina in a document, called a Trust Document.
"What if there's no document? Billy asked.Read more . . .