Legal Question in Wills and Trusts in New York
Can I put a lien on trustees assets
Trustee has lost considerable ( almost half) of
principal in trust. refuses to honor trust agreement
Can I put a lien on his assets to make up the difference
2 Answers from Attorneys
Re: Can I put a lien on trustees assets
Unless the document creating the trust arrangement absolves the trustee from negligent management of assets, you have the right to bring an action for mismanagement, waste, and, probably, other claims, against the trustee. Unless and until there is a court judgment against the trustee surcharging the trustee for any losses, personally, you cannot go against the trustee's personal assets. A review of the pertinent underlying trust document and any other documents needed to evaluate the claim will be required to provide a better response and offer guidance.
Re: Can I put a lien on trustees assets
Not without an order from a court, either in the form of a judgment or as part of a provisional remedy such as attachment.
If the trust is testamentary, the Surrogate's Court would have jurisdiction and a proceeding for an accounting or for waste of the assets might be available. I would require more information to give you a better reply.
In examining this response, please note that we are not entering into an attorney/client relationship, that this is to be taken as informative, and not as legal advice, that it is always best to speak to a lawyer in your area and/or in the area where the transaction and/or events occurred, and that my answer is necessarily limited by the fact that I have not seen the documentation or had an opportunity to go over the matters with you in detail.