Legal Question in Real Estate Law in California
beneficiaries of a trust
I am the youngest of 4 children. My mother passed away 4 months ago.While she was alive, she wanted us to decide who would act as the executor of trust when she died. She basically said it was alot of hard work and its a big job. 3 of us left it to my eldest brother because he is more business minded than the rest of us. She left us her house paid in full. i lived in the house with her for years and even now after her passing. Anyways, since her passing, he seems to have let this power take over; requesting large amts for rent, opting to sell the house, buying the rest of us out, and so on. I don't know what he is doing with the rest of the money that my mom had in savings and other places but he seems wrapped up in this money web and always says there isn't enough money for this and that. i'm sure it is though. My question is, 1. what rights do i have as beneficiary to this trust? 2. Can anyone be added on as executor or co-executor after the passing? P.S. He is married.(But after the passing, and to a man.)
1 Answer from Attorneys
Re: beneficiaries of a trust
A trustee owes a fiduciary duty of loyalty, care and complete honesty to all beneficiaries. One of those duties is to assure that trust assets are properly managed for the benefit of all beneficiaries - unless, of course, the trust specifies otherwise.
Therefore, it would be a breach of the trustee's duty to the two other siblings to let you live in the house without paying market-value rent. The trustee also has the power to sell and distribute the net proceeds, again unless the trust requires otherwise, when he or she feels the time is ripe. So, up to this point, I can't say the trustee is doing anything wrong.
However, the trustee also has a duty to make reports to the beneficiaries upon request, and probably also periodically without request.
A trustee can be changed or a co-trustee added in two ways: (a) according to the express provisions of the trust, or (b) upon the order of a court, if there is cause shown, such as a vacancy, or abuse of the office of trustee by the incumbent. I'm pretty sure a trustee may NOT delegate his or her responsibilities or share the office by private decision outside the authority of a trust provision or court order.
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