Legal Question in Wills and Trusts in North Carolina
My 2 older children's father passes away back in 2008. Their father and I were not married when he passed. According to his will, he left the life insurance money for the children, but his brother and father are in charge of it until they turn of age. I, as being their mother, has called and called and called to ask them where they invested the money and requested a quarterly statement on the money. I personally do not want the money, but I want my children to have it when they become of age. To this day, the father and brother have not returned my calls at all. With this family, they are money hungry and will probably spend the money and there will be none left when my kids turn of age. Is there any way for me to fight this and to be able to get that money or have someone else invest that money for my kids. I do not trust my ex-in laws and have tried working with them on many occasions. Please help and if I can do something, please tell me what I need to do or what ever. Thank you sooo much..
MG
2 Answers from Attorneys
The beneficiaries should be entitled to an accounting - see Statute below: If you get no return calls, you may want to consult an attorney. A letter may do the trick. If not you may have to bring an action. Under some circumstances, a Trustee can be removed by the court.
� 36C-8-813.
(a) The trustee is under a duty to do all of the following:
(1) Provide reasonably complete and accurate information as to the nature and amount of the trust property, at reasonable intervals, to any qualified beneficiary who is a distributee or permissible distributee of trust income or principal.
(2) In response to a reasonable request of any qualified beneficiary:
a. Provide a copy of the trust instrument.
b. Provide reasonably complete and accurate information as to the nature and amount of the trust property.
c. Allow reasonable inspections of the subject matter of the trust and the accounts and other documents relating to the trust.
(b) Notwithstanding subsection (a) of this section:
(1) The duty of the trustee under subsection (a) of this section shall not include informing any beneficiary in advance of transactions relating to the trust property.
(2) A trustee is considered to have discharged the trustee's duty under subdivision (1) of subsection (a) of this section as to a qualified beneficiary for matters disclosed by a report sent at least annually and at termination of the trust to the beneficiary that describes the trust property, liabilities, receipts, and disbursements, including the source and amount of the trustee's compensation, and lists the trust assets and their respective market values, including estimated values of assets with uncertain values. No presumption shall arise that a trustee who does not comply with this subdivision failed to discharge the trustee's duty under subdivision (1) of subsection (a) of this section.
(c) A qualified beneficiary may waive the right to a trustee's report or other information otherwise required to be furnished under this section. With respect to future reports and other information, a beneficiary may withdraw a waiver previously given
I would have to see the will or terms of the trust, if done in a separate instrument. If you think that a letter will be helpful, I will be happy to send one to the trustee(s) for a reasonable fee. I do not litigate and would not be able to represent you any further if this is in NC. Or you can send your own letter. If you send your own, I recommend sending by certified mail, return receipt requested.
If the trustee(s) fail to respond, it is time to litigiate to compel an accounting or to seek removal of the trustee(s). You would have to do this in the state where the trust exists or where the will was probated if this is a testamentary trust. I do not know if your children's father resided in NC. If not, you should seek out an Estate/Probate/Trust lawyer in that state.
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