Legal Question in Wills and Trusts in Texas
questions over trust laws
I am part of a trust set up by my adoptive-mother, there are some questions which I need answers to but have no way of finding them. We in the trust have some ideas that the trustee is not following both the laws and regulations concerning trusts. We feel that he has failed in reporting both the value of the trust and the financial standing of the trusts. I was recently told that if a trust is "active" that he must give out a statement three-times a year, which he has refused to do. Also we have never found out how much he "charges" as an administration fee, nor have we actually recieved an "understandable" statement of our trusts which contains everything financial. None of us in the trusts know how much he is charging the trusts for his administration nor do we really know much about the trusts other than the really bad reports he gives. I need to find out the laws and regulations that an administrator of a trust must follow. What would be any legal recourse for us against him if he isn't doing what he should be doing with our trusts?
What books or other sources can I go to?
1 Answer from Attorneys
Re: questions over trust laws
What is the trustor's position? Does she approve of the doings of the trustee? If so, and if they are not criminal, you may have no recourse.
Trustees are required to account for the trust assets once each year. He is required to account to the trustor, however, if still living, not the trustees.
Only if you have proof that he is stealing from you would you have standing to bring an action against him.
See if the trustor will clean things up and get some answers for you.
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