QUESTION
Fiduciary Responsibilities of trustee
Asked on Jan 19th, 2016 on Trusts and Estates - California
More details to this question:
My mother has a living trust. She is 92 and my brother lives with her. She is named the trustee and the sole beneficiary of the trust, although my two siblings and I am co-trustees. She has not been administering the trust for a long time and my sister and brother have been performing this function and have complete access to 3 million dollars. They have cut me out of everything including decisions and will not allow me to receive an accounting. This has been going on for three years.
2 ANSWERS
Civil Litigation Attorney serving Santa Ana, CA
Partner at
Baker & Baker A Professional Corporation
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Be sure to read the trust to make sure that it supports what you say. My thought is that you are likely not a "co-Trustee" but rather a successor Co-trustee such that you only rise to the role of co-trustee by your mother's inability to serve as trustee. That will be deifned by the trust document itself. If that is the case then you are not entitled to an accounting at this point.
Co-trustees must act unanimously unless the trust says otherwise so you need to read the trust carefully and see a lawyer to go over the issue with you if it is still not clear to you what your role is at this time.
Answered on Jan 21st, 2016 at 11:58 AM
Estate Litigation Attorney serving Redlands, CA
at
Price Law Firm, APC
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If you are past the point of discussing this rationally with your family, then you will have to initiate a petition with the probate court to request an accounting. You may also have to sue your co-trustees in probate court for breach of fiduciary duty.
Answered on Jan 19th, 2016 at 1:42 PM