QUESTION
If trust funds were misdistributed by trustee to the beneficiaries and some were shorted, who is liable to pay the loss?
Asked on Apr 27th, 2017 on Estate Litigation - California
More details to this question:
Sales from the properties held in the trust were already distributed by the atty. Trustee. Six months later it was called to our attention the funds may have been distributed proportionally incorrect. Who is liable to pay the beneficiaries that were shorted. The trustee, or the other beneficiaries?
1 ANSWER
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The trustee has a fiduciary duty to get the funds back from the beneficiaries that were overpaid.
Answered on Apr 27th, 2017 at 4:26 PM