Legal Question in Wills and Trusts in Florida
Trust Management
My sister and I became trustees of my grandfathers trust a few years ago. We made some bad investments and spent the money but still pay him 6% of what the money should make if it still existed. If he took us to court to get the money and found out it was gone what could happen to us leagally? In a worse case scenerio could we do jail time? An immediate response would be greatly appreciated.
Thank You.
1 Answer from Attorneys
Re: Trust Management
Your question does not tell me if you made "some bad investments" with your own personal money which was then repaid from the trust or if you made the "bad investments" with trust money, while acting as trustee. That would make a difference in my answer. You should also look at the trust documents as some will limit personal liability. That said, personal liability for any loss is in most instances the worst outcome for a trustee. However, criminal charges might be brought if you are suggesting the funds were stolen for personal use and then the penalty would depend on the amount taken. I suggest you sit down with an attorney to discuss all the details and believe that this matter is a bit too complex to be fully answered here.
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