Legal Question in Wills and Trusts in California
My father passed away recently. The living trust he and my mother set up naming all three children as executors/trustees includes a rental income from the storefront unit of a 3-story building. The rental income continues to go into my deceased father's checking account to which my brother alone was added as a joint account owner. This account has a balance of at least $50,000. Since the rental income is part of the living trust, does my brother who is the only person having access to this account have the fiduciary responsibility to not misuse or abuse the funds? I believe these funds should only be used for my mother's care and the maintenance of this 3-story building. How can my sister and I ensure that my brother is not tapping into these funds for his personal use? My 89 year old mother is not mentally capable of handling this issue.
Thank you for your advice.
Sincerely,
Robert Lem
2 Answers from Attorneys
You need to change that automatic deposit. Legally, funds in the joint checking account at the time of your father's death belong only to your brother. All income on the rental building from the time of your father's death should be transferred to a trust account in the name of the trustee (are you and your siblings trustees now, or only after you mother's death or incompetence?) You should consult an attorney.
If the building is already part of the trust, normally the income from the building would go into the trust and not your father's account.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
