Legal Question in Wills and Trusts in California
trust fund
My mother left me a trust fund. She nominatded my uncle as trustee of the fund. She passed away about 6 mo. ago. at that time my uncle sold the family home and all the contents and informed me that the trust made apx $800,000 from that sale and he had put the money into CD's at 4.5% intrest. now he is telling me that the house and estate sale only made $500,000 and is only making 1.5% intrest. he is refusing to reinburse me for medical expenses, and refusing to give me an accounting of the trust or the name of his lawer. I'm very worried that he is squandering my inheriantce and his lack of transparency is very disturbing. what steps should I take to make sure my trust is safe?
4 Answers from Attorneys
Re: trust fund
you should retain an attorney as soon as possible to file a petition for an accounting with the superior court and take other action as necessary.
Re: trust fund
Your uncle owes you an accounting of the funds held in trust. This does not mean he owes you a verbal summary. Instead he owes you a professional accounting showing deposits into accounts by account numbers and financial institutions, performance of those funds by month and the current balances of all funds.
It sounds like you have enough money at stake to hire a lawyer to at least write to your uncle on your behalf demanding an accounting. This should at least give him a reality check and make him accountable as a trustee.
Email me if you need more information [email protected]
Re: trust fund
As a benficiary of the trust, you have a right to demand accounting. Trustee should provide you full accounting within 60 days, if he doesn't provide accounting, take him to court.
You also can get a copy of the trust instrument.
Also, you can take a look at the trust and see, when does it provide for distribution. You should get distribution in accordance with the trust distribution provisions.
Re: trust fund
Make a motion in Court for an accounting. If he fails to provide it, Motion to have him removed as trustee.
We can assist you with this if you are located in the Southern California area.
Please feel free to contact me to discuss this in further detail, and in a more confidential setting, at the email address provided by LawGuru or through our firm's website at PasadenaEstatePlanning.com
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.
