Legal Question in Wills and Trusts in Illinois
Settlement from Lawsuit goes to Estate or Beneficiaries?
In settling the Estate of a relative it has been discovered, through Forensic Accounting, that the accounts have been churned by the Trustee. There is an attorney willing to take the case on contingency. There are 3 beneficiaries. Two of us have put out over $30,000 in legal and accounting fees. The 3rd refused to believe anything was wrong. Now that we have proof will the lawsuit be filed on behalf of the two beneficiaries or the Estate? Will the proceeds go to us or the Estate? If they go to the Estate the brother who has spent nothing in fees makes out like a bandit. Thanks for your help.
1 Answer from Attorneys
Re: Settlement from Lawsuit goes to Estate or Beneficiaries?
The Estate should be recovering the funds that were taken or misappropriated. In addition, it is possible that your attorneys' fees could be paid (or reimbursed) from the estate's funds since your actions are benefiting the estate.
Talk to your current attorney about this issue.
If you are not working with an attorney who concentrates in estate planning or probate, you might want to obtain a second opinion.
Good luck to you.
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