Legal Question in Wills and Trusts in California
My uncle was named as administrator of my grandparents family trust as well as executor of the will. There is an irrevocable trust and a living trust...as my grandmother is still living. My uncle has complete control over all her financials, properties, etc. related to the trusts and I believe is mismanaging the money to his own advantage. I am a named beneficiary in the trust and I am concerned that he is not acting in the best interest of the beneficiaries.
What can be done? Do I have to wait until my grandmother passes away to get an accounting of the assets and all the transactions in/out of the trust?
What about all the personal possessions in my grandmothers home? How are those accounted for? I know my grandmother kept a journal of who she wanted to get what items...which my uncle's wife has since taken along with all the precious jewelry in the home.
I'm very concerned on what my rights are as a named beneficiary.
Thank you
4 Answers from Attorneys
You need to talk to a probate attorney. Depending upon the circumstances, you may be able to petition the court to make your Uncle provide an accounting of the trust assets.
I agree with Mr. Hoffman. A residual beneficiary has the same rights as a current beneficiary in most regards to demand an accounting for assets of trusts. Contact a local probate litigator.
Your uncle may have problems with the IRS as well if he is purloining the assets of an irrevocable trust.
I think you should meet with a local attorney to discuss options. First would be to obtain a copy of the Trust documents to determine whether the uncle has an obligation to provide an accounting or whether accounting has been waived.
Next would be to obtain information about how the uncle is spending property that belongs to the trust estate.
I would be careful not to "burn bridges" if possible. Your grandmother probably still has at least some discretion to change some of the terms of the trust. So, you don't want to give her incentive to do so.
Also, having an attorney involved will not be free as there is work to be done on the matter.
Let me know if you would like to discuss the matter.
Sincerely,
J. Caleb Donner
DONNER & DONNER
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