Legal Question in Wills and Trusts in New York
trustee
I recieved a good deal of money from my great grandfater that i wasnt supposed to use unless i went to college or until i turned 25. My father found a way to take it out after i turned 18, and he was the TRUSTEE on the account and he spent 25% of the money for himself because the account was in his name, is there any legal action i can persue
Asked on 4/17/08, 10:58 am
1 Answer from Attorneys
Michael Markowitz
Michael A. Markowitz, PC
Re: trustee
Yes. As a trustee your father owes a fiduciary duty to preserve your asset. He cannot take the asset and spend it on himself. He certainly cannot violate the terms of the trust.
You can commence an action against your father seeking return of the money together with interest.
Mike.
Answered on 4/17/08, 1:23 pm
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