QUESTION
irrevocable trust created 11/01/19 , mom had altheimers,long care possible. 4 siblings, two sisters named as co trustees and deed transferred to both
Asked on Apr 08th, 2020 on Estate Planning - New York
More details to this question:
house sold beginning march, my brother and i are not previ to the contracts that were drawn up between buyer and my sisters(including lawyers) deed was transferred to the Co Trustees. whom will be required to sign all docs and finalize closing. how do my brother and i know for sure what the house sold for other than what we were told. Real Estate Agent is a close family freind to my two sisters, thats why she was hired. Not real good in keeping my brother and i in the loop. Sister has lived their rent free since Jan, and took money, without our knowledge. I want every sent that is due to us as per my mother wishes how do we accomplish that?
1 ANSWER
2 Awards
You do not write that the trust declaration names you and your brother as current beneficiaries (or even as beneficiaries after your mother dies). Unless it names you as the former, you are not entitled to any information. If it does, in many states you are entitled to an annual accounting.
Whether a sister/co-trustee has violated her fiduciary duties by living in the house rent free for a few months and taking money not due her from the trust is a separate question. If you have evidence tending to prove this, you might want to contact an elder lawyer or a lawyer who handles fiduciary litigation (which is expensive). You can find an elder lawyer in your area using the Find a Lawyer function on the website of the National Academy of Elder Law Attorneys (www.naela.org)
Answered on Apr 09th, 2020 at 5:18 AM
This is general information. It cannot substitute for a personal consultation with an attorney. It is not intended to be legal advice or imply an attorney-client relationship.