Legal Question in Wills and Trusts in New York
Trustee Removal
A brief history first. In Nov 2002 my mother signed a new revised revocable trust naming myself(son) a co trustee with three other successive co-trustees. In Dec 2002 my mother passed away. The estate attorney (Who is the current co-trustee) had done nothing with moving the assets to the trust so we were hit with probate expenses. In Augist 2004 the first Co-trustee resigned because she could not work as a Co-trustee and be the financial consultant for the trust (Her company's policy) In Jan 2005 all the assets were finally transferred to the trust. Since Jan 2005 the current co-trustee has become inaccesible. He has not returned any phone calls (at least 30) nor responded to any letters (2). The current co-trustee, besides being the estates lawyer is also the accountant for the trust. Half of the trusts money is still sitting in a money market and even though the financial consultant and I have tried to get him to reinvest the money he has refused to respond to either of us. I would like to have him removed. In addition the next successive co-trustee is the current co-trustee's partner. I would like him to sign an agreement that under no-circumstances is there to be any discussion with his partner on any trust busines
2 Answers from Attorneys
Re: Trustee Removal
Dear sir or madam:
This sounds like a complicated matter that is ill-suited for free on-line advice. I suggest that you contact an attorney to schedule a full consultation.
You may contact my office by email at [email protected] or at 212-401-2990 to schedule a consultation.
Anthony S. Park
Re: Trustee Removal
I am not sure what has happened, as you describe it, is correct. You were an original co-trustee, and speak of successors who are now operating the trust. How were you removed from your original position? Was there an amendment after the original was signed? If you were not properly replaced, you may still have rights of a trustee. If the trust was unfunded at her death, how did it become funded? Was there a Will which placed the assets in the trust, even if never originally funded, or a separate trust created under a Will? In any case, trustees have fiduciary responsibilities to the beneficiaries, and can also be held responsible for mismanagement. I suggest you retain a local attorney, where the Will was probated and the trust operates, to consider a suit for an accounting, to consider the possible claim to surcharge the trustee for mismanagement, for removal and replacement of the trustee, if he is acting improperly. I should caution you these types of suits are expensive and can be time consuming. If the trustee is an attorney, and has acted improperly, you may also have a claim that can be filed with the local Bar Association, so this could be pursued also. You may want to talk to the Secretary of the local Bar Association Ethics Committee to see if you have a claim. More information is needed to provide more than general comments, which are not expressed as a legal opinion.
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