Legal Question in Wills and Trusts in California
Family Trust
The administrator of a family trust advised us that the proceeds of the trust, or all the inheritance, has been lost in bad investments.
He refuses to give an accounting of the proceeds or even how much was in the trust when grandma passed away.
He says he's very sorry, but it's gone and quit asking about it. We have learned that he has since that time, taken 1st class vacations and his daughter has a new home.
How do we find out where the money went and how much there was to begin with?
Is he liable for mis-management of the money?
We want to get to the bottom of this.
Thanks for your help.
3 Answers from Attorneys
Re: Family Trust
You may have to demand an accounting, or file a lawsuit. You'll probably want to talk to an attorney if there is a lot of money involved.
Re: Family Trust
You can and should sue for an accounting. If he has stolen or lost assets through gross negligence, he will be held liable. His liability will not be dischargeable in bankruptcy. All of the heirs should get together and share the cost.
Re: Family Trust
you will need to file a petition with the probate court. if the trustee has used trust assets improperly, as opposed to making prudent investments which did not perform as expected, it may be possible to recover assets from the trustee (if they have not been wasted) plus an additional amount as a result of his breach of fiduciary duty.
you will need to retain an attorney to advise you and represent you in court if you decide to proceed.
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