Legal Question in Wills and Trusts in New Jersey
How much authority does trustee have?
I am trustee of my late mothers trust, involves 3 homes. Only me and my brother, he has been living in one of the homes for 12 years rent free, the deal is upkeep the home. Mom died and I went to see the place, to see what (minor) things would be needed to make the house available to rent, to generate income to pay taxes on the 3 homes.
It turns out my brother never did one bit of maintanence, the window frames have rotted off, the landscaped yard reverted back to woods, trash everywhere.
My brother and I are named for equal shares of these homes. But the home he took care of is worth less now than when it was bought in 1969. All because of his negligence.
As trustee, it is my job to protect and maintain the trusts assets. Can I hold him responsible, he has destroyed 1/3 of the assets we were to split. He has offered to take the house as part of his share, but appraised value is so low....I want take 3 similar upkept home(on that street) values and average their fair market value and give him the house as part of his share at that amount.
Am I dreaming, or what other recourse do I have?
2 Answers from Attorneys
Re: How much authority does trustee have?
This sounds like a very complicated situation and I would need to meet with you and go over the factual history in order to advise you what your options are and what your next steps might be.
Re: How much authority does trustee have?
You are the trustee, but who are the beneficiaries? That is to who you owe the duty....
I'd be happy to talk this out with you. I live and work in SJ, and the main office for the firm is located just over the Ben Franklin Bridge in Philly.
Feel free to write me back with additional information or questions to [email protected]
Mike
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