Legal Question in Wills and Trusts in Florida
co-trustees responsibilities
Both my parenyts have passed away. I am named executor of the will. My brother and I are co-trustees of trust. My brother had managed my mom's money for the last 15 years after my father's death. upon moms passing I became involved in the distribution of funds. My brother had all the funds in conservative investments. Upon examination of bank statements and tax returns it appears that some funds may be be missing. My brother has told me that from the estate management stand point I should only be concerned from the time of mom's death and basically it's none of my business before that as to how the funds were managed. Is this true? There are a total of 5 siblings and it was my belief that I have responsibility to account to all.
3 Answers from Attorneys
Re: co-trustees responsibilities
Hello: I just read your question and the two answers. Both seem accurate. The 2d answer is more specific and helpful. If my office can be of assistance in Duval County, please write or give us a call. Tom Rosenblum
Re: co-trustees responsibilities
As the PR of the estate it is your job (among others) to gather and account for the assets of the state, so they can be used to pay claims against the estate and be distributed to the beneficiaries.
If you discover that someone stole money for that your mother would have or did have a claim against someone for some conduct, then the claim is an asset. If it makes economic sense to pursue the claim and recover the asset, that is an option. If it is not much or if doing so will destroy the family, that is certainly a consideration.
Consider the risk and expense of your decision.
Re: co-trustees responsibilities
Are you referring to funds that were held in the trust, or mom's personal assets? If they were mom's personal assets, then you have to determine whether someone breached a fiduciary duty to your mother, or took advantage of her someway to deplete her assets. If that happened then the Estate MAY have a claim against that person. A Personal Representative (Executor) has the duty and ability to pursue most claims on behalf of the Estate that the deceased person would be able to bring if alive.
If the assets you refer to are related to the Trust, then you as co-trustee have an obligation to all beneficiaries, including yourself, which begins at the time you became Trustee.
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.
