Legal Question in Wills and Trusts in California
My stepfather and I are co trustees of my mothers living trust. There are no beneficiaries as we are her only family and she wanted us to split everything 50/50. Her house was the only thing put into the trust and all other asesets such as bank accounts had POD either to my stepfather or myself. We split those funds equally. My question is this...My stepfather told me he needed to get a loan to consolidate his credit cards. He was approved for an ELOC for 20,000 but in order to get the loan he would need me to sign because I am co trustee. He told me he would pay the loan back in 6 months when he received his tax refund. Do I have a legal right to get copies of his statements to see if the loan is being paid back? I believe he is using the money to fund his gambling habit. Also does he have a fudiciary responsibility as co trustee? I am recently unemployed and am having to recycle cans and have yard sales to survive while looking for work. He is buying new clothes, eating out and going to casinos.
We both live in the house. I am unable to obtain a loan beause he has this loan. I would like to have him removed as cotrustee. My mom would never forgive him for letting me starve while he is taking out loans on the house to gamble.
2 Answers from Attorneys
If the house is a trust asset you are probably entitled to copies of the loan statements and other information. Unfortunately, you may have to go to court to force him to give them to you. You will, likewise, have to go to court to force him out as a co-trustee. Your best option, and the best way to protect you if he has a gambling problem, might be for the two of you to sell the house, split the proceeds (after adjusting for his $20k loan) and make separate living arrangements.
IMPORTANT NOTICE: The above response is not intended to, and does not, create an attorney-client, fiduciary or other confidential relationship with the responder. Neither does it constitute the providing of legal advice or services or the giving of a legal opinion by the responder. Such a relationship can only be created, and legal advice and/or legal services provided, pursuant to a written agreement with the responder. Accordingly, no obligations of any kind are assumed with respect to any matter or question presented. It should also be noted that legal issues are often time sensitive and legal rights may be lost or compromised if you do not act in a timely fashion.
HELOC. Home Equity Line of Credit. This sounds really bad because you allowed a co-trustee to borrow money against a trust asset, for his personal use. Did you get any statement from him in writing about paying back the trust, and clearing the trust asset?
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.
