An iilinois living trust established in 1989 by the grantor with two trustees,in 2003 with the third benificiary away the mother is fooled into signing a 12 year accounting release her sister was present,she dies in 11/2/2007 no trust accounting since 2003 but a sign off by an 88 year old woman in 2005.From 2003 to her death no accouning statements were sent to her $5.0m of principal is gone plus interest since 1989 .2006 new living trust drawn up after alzheimers and lawyer 1000 miles away.My mothers sister is removed and successor trustees and the current trustees who made this change take her place.Since my mother was the only benificiary during those 18 years I guess tecnically if she did not catch them stealing and thought they were honest what can I do.
I will be happy to assist you with your question.
Your Mother's estate could file a breach of fiduciary duty against the Trustees during the time you think the waste and depletion was occuring. It would be your Mother's estate that would bring the action. Also, the current beneficiaries could request an accounting at any time to see what is going on. When your Mother passed away who became the beneficiaries? I would contact an Estate and Trust attorney in the area your Mother resided. There are strict rules and regulations Trustees must follow or beneficiaries can sue them.
Wills, Trusts, Probate, Inheritance Issues
Hi It has been a long time.Mother sole beneficiary and grantor of Illinois living trust deceased 11/2/2007.Daughters sole trustees.A great deal of money is missing and I believe several breaches of fiduciary.My mother passed away, was elderly trusted her daughters but was deceived and manipulated .The opposition is now saying since my children and I were not income beneficiaries during my mothers life time we have no standing to sue.Please advise. The will was drafted in 1955.Three brothers as trustees.Both died so in 1966 this codicil was drafted.For 20 years five brokerage houses required three signatures dissent or agree.Illinois trust law supports this.My fathers intent supports thisMy fathers codicil starts off with the word "if" from several people I have talked to if the trustees dont don't don'tmpt a unanimous consent then the majority cant rule.If unanimous consent if reached then three signatures are needed if not the dissenter is compelled to follow the majority and sign.To determine if a unanimous consent can be reached all three must confer. FIFTH: (m) If for any reason the Trustee of either Trust “A” or Trust “B” shall not be able to agree unanimously with respect to the exercise of any power, authority, duty or discretion delegated to them pursuant to this, my Last will, then the act of the majority of said Trustees shall govern and control and the dissenting Trustee shall execute such document or instrument and take such action as may be required of him by the majority of said Trustees as may be necessary or appropriate to enable the majority of said Trustees to exercise any power, authority, duty or discretion granted to the Trustees of trust “A” or Trust “B” pursuant to this, my Last Will
I will pay $60.00 if this is O.K. If so I have another question on grantor incapacity
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