QUESTION
What are my options if I was told that I was overpaid and I should send some money back to the trust?
Asked on Apr 03rd, 2014 on Estate Planning - Ohio
More details to this question:
I received money from a trust that is now in probate. The trust has just contacted me and told me that I was overpaid and I should send some money back to the trust.
12 ANSWERS
Probate Attorney serving St. Louis, MO
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Edward L. Armstrong, P.C.
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You don't specify what type of cross is involved in your question. Is the trust one that was established in somebody's last will and testament? Or was the trust a living trust in other words one that was established by the person owning the assets subject to the trust. You also did not specify in your question from whom this request to repay came. I would suggest that you retain counsel to represent you in this matter to make certain that you actually owe the Psalms which have been.
Answered on Apr 07th, 2014 at 9:33 AM
You should require them to prove the over payment before you return anything. You should also consult a probate attorney about seeking to surcharge the trustee and the attorney who made the "mistake".
Answered on Apr 04th, 2014 at 5:47 PM
Edwin K. Niles
In probate? The whole idea of a trust is to avoid probate. In any event, if you owe the money why wouldn't you repay it?
Answered on Apr 04th, 2014 at 5:46 PM
Trusts Attorney serving Sacramento, CA
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Law Office of Victor Waid
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I suggest you obtain defense probate/trust counsel as the trustee may have a suit on behalf of the trust to recover the over payment.
Answered on Apr 04th, 2014 at 1:51 PM
2 Awards
Send the money back as long as they have given you an accounting which shows the overage. You are not entitled to keep an over payment.
Answered on Apr 04th, 2014 at 12:37 PM
Probate Attorney serving Newport, OR
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Minor, Bandonis & Haggerty P.C.
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Well, you could send the money back; or, not, and see if they sue you.
Answered on Apr 04th, 2014 at 12:36 PM
Commercial Attorney serving Chicago, IL
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Ashcraft & Ashcraft, Ltd.
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You should receive an accounting to verify status of trust and all distributions. Distributions should be in equal proportions. The trustee is responsible for all expenses and proper distributions . The trustee can seek the return of an over distribution but should seek it it from all.
Answered on Apr 04th, 2014 at 12:36 PM
3 Awards
It sounds like you are confusing terms. Over paid makes it sound like it was income to you. Is the Trustee alleging that he distributed too much to you? Have you inquired why? Have you reviewed the Trust. Were you provided an accounting? If you do not have a copy of the Trust, you need to get one and review it or have it reviewed by an attorney. Without more information, one can only advise you to gather the necessary paperwork and meet with an attorney where the Trust/Estate is being administered.
Answered on Apr 04th, 2014 at 12:36 PM
You should ask for a copy of the trust documents and an accounting so you can verify if you were overpaid. Depending on your background and experience, and how complicated the accounting is, you may need to hire a lawyer or accountant to help you. If you were in fact overpaid, you probably will need to make the refund to be fair to the other beneficiaries, but I recommend that you consult with a lawyer.
Answered on Apr 04th, 2014 at 12:35 PM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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Chances are that you will have to repay the money, it is probably not worth the fight.
Answered on Apr 04th, 2014 at 9:43 AM
If you truly have been overpaid, you would either be obligated to return the extra or to take lower amounts of pending and future payments until the overpayment has been accounted for. The exception would be if the trustees had not properly managed the trust and they breeched their fiduciary duty of care.
Answered on Apr 04th, 2014 at 9:36 AM
Commercial & Bankruptcy Law Attorney serving Powell, OH
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Ronald K. Nims
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Trusts are governed by their terms, without reading the trust, there is no way to tell - if you were overpaid or if the trust has the power to recover an overpayment.
Answered on Apr 04th, 2014 at 9:31 AM