Legal Question in Wills and Trusts in Illinois
Resignation of Trustee (Bank)
Our trustee resigned. They paid themselves a termination fee 4X their normal annual fee. They also paid out, on the last day, attorney retainers - 5X there annual fee. They told the benificiaries that they would return the retainers (but not the termination fee) only if we signed a global release to hold harmless. Is this leagal?
Asked on 11/10/08, 12:33 pm
1 Answer from Attorneys
Motty Stone
Law Offices of Motty Stone
Re: Resignation of Trustee (Bank)
No, an attorney cannot hold client's money hostage for any reason unless there is a dispute as to payment. You are not obligated to sign a global release.
It sounds like you should consider contacting the ARDC (Attorney Registration and Disciplinary Commission).
Please feel free to give us a call if you want to talk about your case.
Answered on 11/10/08, 1:24 pm
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.
