Legal Question in Wills and Trusts in New York
Beneficiary's right to examine trust, accounting of funds
My brother is the trustee of a trust where I'm sole beneficiary. In 7 years, he's only made 2 pymnts on my behalf for some credit card bills (last year).While claiming that ''the money was always there'' for me, he has avoided turning it over to me (he's claimed that he's ''not supposed to...'', but that he'd do it anyway).I may try asking him for the funds one more time (I've opened an account at the same institution where the trust is held) prior to having a lawyer send a letter of demand for a copy of the trust, and a yearly accounting of the trust fund.However, since he's avoided complying with my past requests for will & trust copies, etc, I am not sure that he will be totally honest with me.The question: If he does turn over the money, would I either sacrifice, or retain, the right to review the trust document, and to legally hold him accountable for any ''violations''? (He blew off my recent request for money for medical and basic transportation needs, i.e., orthodic inserts, emergency room medical bills, a ''car from this decade'', etc).Since he has never revealed the terms of the trust, I don't know what I'm entitled to...he might even be stalling until I die, so the money reverts to him!Thanx.EFK
Mom died in NYC, brother is NJ
2 Answers from Attorneys
Re: Beneficiary's right to examine trust, accounting of funds
Hi. Sorry for the difficulties you are experiencing. I am assuming the situs of this trust is New York. Generally, NY trusts such as this are "testamentary" i.e. part of the will, and would be on file in the Surrogate's Court, where you could inspect it. He should definitely file an accounting with the Surrogate's Court, and you can bring a motion to compel him to do so in the Surrogate's Court. If he has not managed the trust property correctly, he may be subject to "surcharge" - ie, personally liable for any losses or misappropriated funds.
In any event, you are entitled to an accounting and a copy of this trust. But it may be that you will need to retain an attorney to compel him to do these things. It would be helpful for you to have a lawyer close to you in MA, but who is licensed and has connections in NY. I am licensed in both states, located in Massachusetts, and serve of counsel to my brother's firm in Nassau County.
Good luck.
Re: Beneficiary's right to examine trust, accounting of funds
You need to retain a NY attorney to Petition the Probate Court for an Accounting of the Trust and removal of your brother. My firm has a NY office or I would be happy to refer you to someone else in NY.
Do you have any idea of the amount held in Trust?
Do you know what county your mother's Will was probated?
This amongst the basic information that the NY counsel will need.
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