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Ely
Ely, Counselor at Law
Category: Estate Law
Satisfied Customers: 99978
Experience:  Fully licensed attorney in Texas in private practice.
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My wife has been the co-trustee of her mothers trust for about

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My wife has been the co-trustee of her mothers trust for about 5 years. She's also had POA for healthcare and financial matters. Her mother began having mini strokes and memory issues about 3 years ago and was checked into a memory care center about 18 months ago. She passed away recently and so my wife is trying to handle the estate and trust issues with an attorney. (We are in California?.)

My question is in regards XXXXX XXXXX obligations of the attorney. She is asking for bank statements all the way back to when the trust was drawn up (5 years ago) and says she might do a "full accounting", whatever she means by that. If she has to go through 5 years of bank statements and look at all of the transactions, this could cost us a fortune. Is this something that the attorney is obligated to do?
Submitted: 3 years ago.
Category: Estate Law
Expert:  Ely replied 3 years ago.
Hello friend. My name is XXXXX XXXXX welcome to JustAnswer. Please note: (1) this is general information only, not legal advice, and, (2) there may be a slight delay between your follow ups and my replies.

I am sorry for your wife's loss and your family's situation. Can you please clarify - is the attorney the other co-trustee? And, does one co-trustee have more power than the other, or are they the same?

If the attorney is not the co-trustee, then what is their relation to this matter?

This is not an answer, but an Information Request. I need this information to answer your question. Please reply, so I can answer your question. Thank you in advance.
Customer: replied 3 years ago.
My wife was co-trustee with her mother. She would be the only one now. The attorney is not related.
Expert:  Ely replied 3 years ago.
James,

Then what is the attorney's interest here? I mean - who appointed them? To represent whom/what?
Customer: replied 3 years ago.

She wasn't appointed by a court or anything. My wife just wanted to make sure all of the proper filings are done and money distributed by a neutral third party so nobody can complain. All assets were in the trust and there were no bills. The only income was Social Security and the only assets at the end was the proceeds from the sale of her home. She shouldn't owe any taxes since the gain on the house was < $250K.

 

Are you thinking that we don't need the attorney?

Expert:  Ely replied 3 years ago.
So...your wife retained her? Okay, now I understand. Thank you.

She is asking for bank statements all the way back to when the trust was drawn up (5 years ago) and says she might do a "full accounting", whatever she means by that. If she has to go through 5 years of bank statements and look at all of the transactions, this could cost us a fortune. Is this something that the attorney is obligated to do?

Not really. Rather, there is no reason to do so unless someone is challenging the trustee's ability/function. In other words, if someone else or the Court would state that she did a bad job, possibly took money, etc, then a full accounting may be necessary.

However, if the aim is to simply close the account and no one is challenging anything, then there is no reason to do a full accounting and she may simply file what is necessary to close the trust.

Now, you may want to use an attorney to close the trust, but often, a full accounting may not be necessary...

I hope this helps and clarifies. Best of luck.

She is asking for bank statements all the way back to when the trust was drawn up (5 years ago) and says she might do a "full accounting", whatever she means by that. If she has to go through 5 years of bank statements and look at all of the transactions, this could cost us a fortune. Is this something that the attorney is obligated to do?
Ely and 5 other Estate Law Specialists are ready to help you
Expert:  Ely replied 3 years ago.
Thank you for your gratuity.

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