Legal Question in Wills and Trusts in California
Suspected Executor fraud in living trust
How do we go about seeing accounts for the trust of our deceased mother ?All we have received is the final accounting of the trust. One sister is the active executor and two sisters are inactive executors. We two sisters have asked to see the ''books''. However our sister while saying ''sure'' to that request has not sent any information and it has been a year. We do not know what monies the trust started out with, nor how the money was spent. Also she has lost 40% of the stock funds she invested in just this year alone. My mother had always invested only in T-bills. My sister changed it to stocks without telling us. Is she liable for this and other losses for not doing due diligence or malfeasance? The estate is in California. Thank you very much.
2 Answers from Attorneys
Re: Suspected Executor fraud in living trust
You may request that the court order an accounting in an action for fraud or negligence. If there has been fraud or negligence resulting is a loss of value to the estate, then, the trustee would be liable. I may be able to investigate the matter prior to filing if you think that they may be cooperative in order to avoid suit. Contact me directly.
Re: Suspected Executor fraud in living trust
If she provided you with a final accounting, then it sounds like the trust is completed. If not, then it is merely a periodic accounting and your written correspondence to her is sufficient to satisfy the code's requirement. You can now Petition the court to compel an accounting. If you believe there was a breach of her fiduciary duty to the trust, then you can file a contest to the accounting. You should be aware that this can impose legal fees on the losing party.
If you would like to discuss this matter further in a more private forum, please feel free to contact me directly at the email address provided by LawGuru or through our firm�s website located at PasadenaEstatePlanning.com
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