QUESTION
What happens when a sibling takes all the money from bank accounts that are listed in a living trust within 40 days after her mother's passing?
Asked on Aug 07th, 2016 on Estate Planning - California
More details to this question:
The mother and stepfather have established the living trust between them as trustees. This trust money is their retirement money and social security benefits already deposited into trust banking accounts thru time.
3 ANSWERS
Edwin K. Niles
Is step-dad still with us? Sounds as if you need to talk to a wills and trusts lawyer ASAP.
Answered on Sep 06th, 2016 at 5:46 PM
How were they able to withdrawn funds from a bank account that actually was in a living trust; if ownership had properly been transferred to the Trust, the sibling would have no right to withdraw the funds and the Bank would be liable for allowing that to occur. So I suspect the money had not been transferred to the Trust. So the sibling would have to be sued in civil court for conversion or other similar torts. Tell the sibling suit will be filed seeking all the money back plus the emotional distress caused. See a local attorney if the sibling will not return the money, which is likely.
Answered on Sep 05th, 2016 at 6:13 PM
Trusts Attorney serving Sacramento, CA
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Law Office of Victor Waid
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What happens is you go to the District Attorney and file a criminal charge of theft against that sibling if they are not entitled to those funds and hope they go to jail for theft and senior abuse.
Answered on Sep 05th, 2016 at 6:12 PM