QUESTION

Can a trustee, in California, not named as a beneficiary deplete the principal of the trust by making payments to themselves?

Asked on Oct 06th, 2017 on Trusts and Estates - California
More details to this question:
17 years ago after the death of my father, the trust attorney sent a letter to my sisters and myself stating that we were not entitled to an annual accounting, of the irrevocable side "A" of my fathers trust. Now that my step-mother has passed, we were advised that the trust principal is gone. I have asked for an accounting but the attorney is not responding to my requests. My step-mother was to receive the interest from the "A" side principal but was not a named beneficiary to the "A" side. Is there any way to hold the attorney accountable as it is my belief that if an accounting was done the principal would have been secured and my step-mother would have had a tidy income until her death. Her last payout was less than $100.
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1 ANSWER

Estate Litigation Attorney serving Redlands, CA at Price Law Firm, APC
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The trustee has a fiduciary duty to act in the best interests of the beneficiaries.  The trustee has a duty to render an accounting within sixty days of a written request.  The beneficiaries can sue the trustee for breach of fiduciary duty and ask the court to surcharge (make him pay back the money) the trustee.  Consult with an attorney for a full consultation.
Answered on Oct 06th, 2017 at 6:26 PM

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