Legal Question in Wills and Trusts in Ohio
living trust/will
My mother and her 3 sisters were to inherit 16 acres of prime real estate from my grandfather's estate. Just recently, wanting to sell the property, they discovered that it is not in their names and hasn't been for 10 years. My cousin, M, a co-executor, had the property put in his name. This was a shock to the girls. Now they are having deeds sent from their attorney for M to sign the property back to them. There is strong suspicion that he has used this property as collateral for his personal, private business ventures. Isn't it illegal for an executor to personally profit from the assets of a will or trust in this manner? If our suspicions turn out to be true, can he be prosecuted?
2 Answers from Attorneys
Re: living trust/will
If your cousin was a co-executor he should not have been able to transfer the property without probate court approval or the approval of the other co-executor.
I would contact an attorney who can look at all the facts and see if their is any self-dealing. If as it sounds like there is at the very least you should be able to get him removed as co-executor.
Re: living trust/will
Yes, an executor of an estate has a fiduciary duty to manage and preserve the estate for the benefit of the beneficiaries.
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