Legal Question in Wills and Trusts in California
Escheatment of trust assets to the State Controller
In Lane County, Oregon. In 1991, Grandma was suffering from Alzheimer�s disease. She had two sons.Brother B lived in California and had four Daughters. Brother A, who had power of attorney over her, created a living trust.Brother A was attorney-in-fact, joint successor trustee with his son, and both were beneficiaries of the trust.After Grandma�s death in 1994, BrotherB was appointed a Conservator. In spite of the �by-pass� clause in the trust, Brother A removed 406 shares of stock out of the trust, kept one-half interest of the stock and escheated the balance of the stock to the Ca. State Controller in 1996. Brother A died. Brother B died intestate in 1998 and additional stock was escheated. In 1999,the Conservator claimed the proceeds from the stock (about $31,00.00)and had the estate probated.
Questions:Were the trust assets escheated illegally? Is there a remedy? Do I contact a gov.agency? Have any fiduciary or ethical canons been violated? What remedies are available? How can I proceed to obtain justice?
1 Answer from Attorneys
Re: Escheatment of trust assets to the State Controller
It is possile that the funds are being held by the state as unclaimed property. What are the names of the people involved? That would be the place to start.
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