Legal Question in Wills and Trusts in California
Trustee spending too much money?
The trustee seems to be spending too much money. I realize that the trust may be vague as to the how and what on spending; but still feel this is too much. The bank accts added up to 140,000.00 and they are gone. In need of money the house was sold couple months ago and made a profit of 150,000.00. I was told that there isnt any money left over by the co trustee but i dont think thats possible. Trustor lived with trustee, had only few bills, medical insurance and house payment which was 7700/yr plus the water and electricity and maintenance which couldn't been 3000/yr. The trustor was receiving retirement pensions,+soc sec. He has just passed. Does this sound excessive spending to anyone else too?
2 Answers from Attorneys
Re: Trustee spending too much money?
Given the only information you have given, then yes it does sound excessive. However, it is certainly possible that the funds were used appropriately. Such a determination would need to be based on much more information than you currently have.
It sounds like you should consult with a local attorney after obtaining copies of all documentation. An accounting should be requested from the Trustee.
However, you are likely going to have to pay an attorney to handle the matter.
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Re: Trustee spending too much money?
There definately seems to be some problems with the accounting as you describe it. Have you demanded a complete accounting? Have you received an accounting from the trustee? What is your position? A beneficiary?
If you are a beneficiary, or a co-trustee, then you do have rights that will require court intervention to enforce.
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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