Legal Question in Wills and Trusts in New Jersey
Inheritance
My father died in 1981 and my
mother, in 1991. My sister and I
were left a substantial amount of
money, but we were both under 18,
so the money was left to our
guardian and trustee, my uncle, my
mother's brother. We have no idea
how much was left to us and I know
he used most of my portion to pay
private college tuition. My sister had
over 95,000 left to her, which she
was to get when she turned 25.
Before she received it, my uncle
received a faulty property investment
tip that apparently all dentists were
making at the time. It is now a class
action lawsuit, but nonetheless, he
lost all of the 95,000. This was in
1995. He has done nothing to
remedy the situation and he is using
her money to pay the lawyers
involved in the class action lawsuit.
Isn't there some legal recourse my
sister can take? Since they money
was in his care and his responsibility,
shouldn't he be making some kind of
attempt to pay her back? And is it
legal to use her money to pay
lawyers for a mistake that he made?
1 Answer from Attorneys
Re: Inheritance
The trustee has a fiduciary obligation to take care of the funds, and to account to the beneficiaries.
Beneficiaries of a will or a trust are entitled to an accounting from the trustee. You should immediately consult an estates lawyer in order to seek an accounting in court.
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