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Barrister
Barrister, Attorney
Category: Estate Law
Satisfied Customers: 33781
Experience:  15 yrs estate law, real estate. Wills/Trusts/Probate
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I am one of four daughters. My father died and my sister

Customer Question

I am one of four daughters. My father died and my sister decided to form a trust on parents money. It is a irrevocable trust. I was not informed of her doing this. she is fully in charge of the trust. I hAVE NOT BEEN TOLD ANYTHING ABOUT IT OTHER THAN I WAS SHOWN A BOOK THAT A LAWYER MADE UP WITH ALL THE INFORMATION IN IT. sHE TOLD ME I COULD READ IT. iT WAS 300PLUS PAGES. if I WANT TO GET MONEY. FROM THE TRUST I HAVE TO PAY INTEREST BACK TO IT AS WELL AS MONTHLY PAYMENTS. mOTHER IS 89 AND I HAVE NO IDEA WHAT MY SISTER IS DOING WITH THE MONEY OR HOW MUCH THERE IS. mY SISTER HAS BEEN SPENDING MONEY FOR HER FAMILY ON DIFFERENT THINGS. I NEED SOME ADVICE
Submitted: 1 year ago.
Category: Estate Law
Expert:  Barrister replied 1 year ago.
Hello and welcome! My name is ***** ***** I will try my level best to help with your situation or get you to someone who can.
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Are you a beneficiary named in the trust?
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How long ago was the trust formed?
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Have you ever received an "inventory" of assets or an "accounting" of the inflows and outflows from the trust?
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thanks
Barrister
Customer: replied 1 year ago.
I am a beneficiary of the trust with my3 others sisters. 1 knew about the trust being formed , but the other did not. The trust was formed about seven years ago. My father has been gone 10 years ago this Friday. I have only seen this big book. I have no idea how much money my dad got from his accident . How much is being spent, who or. What. I do know the trust gives my mom so much to live on. The trust has four house in it and one mom lives in. The others are rented out. One has sat empty for all summer. The rental sign has been there for at least 3 months. I have no idea why. My sister had has retired since she became trusty and has many family situation. Husband ( strock) . Son in rehab. We both were teachers, I know what retirement for teachers is all about. I am very curious and conserved amount what is going on. Mom was skeptical about this at first she said the day I found about this, but my sister talked her into it. I realize many people have them.
Expert:  Barrister replied 1 year ago.
Ok, if you are a beneficiary and this is an irrevocable trust, then the trustee would have a legal duty under the Uniform Trust Code to provide an inventory and an accounting to each beneficiary at least annually, unless the trust called for shorter reporting periods.
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You are also entitled to a full copy of the trust documents. A typical trust might be 10 pages long, a very complex one 30 pages. So unless we are talking about tens of millions of dollars in assets that are listed, I can't realistically see a 300 page trust being used.
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But it would appear as though sister's personal situations have affected her ability to act as trustee to the trust and complete her legal duties.
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With that said, I would suggest a couple things. First send her a certified letter stating that you are requesting an "Inventory" and "Accounting" of the assets of the trust as well as a full copy of the trust documents. That way you have proof of the request.
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If she ignores it or doesn't provide it within a few weeks, then your recourse is to file suit against her for breach of contract and breach of her fiduciary duty in the local probate court and have a judge force her to give you a copy of the documents, if they exist.
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If she hasn't even done the inventory or accounting and kept records, that would be legal grounds to ask that she be removed as trustee and have someone else appointed.
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thanks
Barrister

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