Legal Question in Wills and Trusts in California
I am the executor of a trust for my father. I have examined his bank accounts to find that my brother has borrowed a five figure amount from him over the last few years. What do I do? The lawyer handling the trust said it could have been a gift. My brother and my dad quit talking for the last 4 years because he did not pay the gift back! There are four of us heirs to the estate and one already has dipped into their share hoping that no one sees it so that he will be entitled to a full quarter share.
2 Answers from Attorneys
This depends on the wording of the trust documents... If it was a loan there are valid documents, then tust can collect on those monies owed or offset in a distribution. If there were documents that outlined at the time of the gift was an early distribution with intent to be deducted you have a case to have offsets. If those dont exist it was a gift from your dad and not much you can do...
If you already have an attorney, then you should work with him on determining your options and move forward with presumably final distribution of the Trust. If you don't like the advice you are getting, then you should meet with another attorney and get a second opinion. To give you a real opinion, the attorney will need to review the Trust itself and any documentation regarding these "loans" to your brother and any other unusual expenses.
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