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Damien Bosco
Damien Bosco, Attorney
Category: Estate Law
Satisfied Customers: 2344
Experience:  Helping you with your legal questions.
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Iam a co trustee on special needs trust along with my

Customer Question

Iam a co trustee on special needs trust along with my brother. The beneficiary is our sister. This is also a 3 rd party trust. Not quite a year after our final parent passed my removed all funds without my knowledge or agreement. To date I or my sister have no idea where monies are. Both of us her as beneficiary and I as co trustee have inquired and as much as submitted requests for monies as is needed in her care as well as how our parents stated in will. Where do we go from here? And can she sue or I as co trustee as well as her Power of attorney and sole caregiver
Submitted: 1 year ago.
Category: Estate Law
Expert:  Damien Bosco replied 1 year ago.

So, are you saying that there was a third co-trustee who took money out of the trust?

Customer: replied 1 year ago.
Posted by JustAnswer at customer's request) Hello. I would like to request the following Expert Service(s) from you: Live Phone Call. Let me know if you need more information, or send me the service offer(s) so we can proceed.
Customer: replied 1 year ago.
No sorry to confuse you....there's 2 of us myself and brother
Expert:  Damien Bosco replied 1 year ago.

I see you want to chat on the phone. I will send you the additional service offer.

Expert:  Damien Bosco replied 1 year ago.

Then who is the person that took the money out of the trust?

Customer: replied 1 year ago.
My brother
Expert:  Damien Bosco replied 1 year ago.

This sounds like you may need court intervention. Have you considered it?

Customer: replied 1 year ago.
Well if needed....hope u have more than that!
Customer: replied 1 year ago.
Trying to get an idea based on any case scenarios, how we/meaning sister (beneficiary) and I co trustee would favor
Expert:  Damien Bosco replied 1 year ago.

When someone takes money out of a trust without authorization, or there is evidence of withdrawal, a co-trustee or beneficiary can demand an accounting of the trust. So, you would write a formal letter to your Brother requesting him to account for his actions. If he does not do so, then you would petition the court for an accounting.

Customer: replied 1 year ago.
An a accounting as well as proper disbursement to beneficiary as stated by deceased parents. What would accounting consist of. IE: Where or if he opened a new account. Not upholding his fiduciary duties by keeping me and my sister out of the know. And how liable am I since Iam still legally co. Hoping for more answers than the obvious
Customer: replied 1 year ago.
Oops co trustee. Oh yes, what do you consider formal. And what do you suggest we do via formal letter to get him to payout for her special needs. Would like to take all proper measures before court action
Expert:  Damien Bosco replied 1 year ago.

An ideal formal letter would be from an attorney, demanding and account of the moneys and demanding that distribution be made pursuant to the terms of the trust. If however, you do it yourself, you would want to send it certified, return receipt requested.

Customer: replied 1 year ago.
Does the bank where the trust was opened hold any responsibility. As stated its a co trustee special trust. Also simply by his actions as I have covered, in your professional opinion , would a judge remove him from his status as co ? Just seems if nothing changes with her funds (as far as proper disbursement she will never be able to enjoy., as she has a liver disease and a mental illness with other complications.
Customer: replied 1 year ago.
P.S. is there a statue of limitations on such case. These questions along with your professional opinion do more for her. I only help her to enjoy and a quality of life our parents intended. Before anymore is said I'am thanking you sincerely ***** ***** is my heart.
Customer: replied 1 year ago.
Expert:  Damien Bosco replied 1 year ago.

Sorry. We do not offer professional opinions from this site. You need to hire an attorney for a professional opinion. The bank would not be responsible for the wrongdoing of a trustee. The statute of limitations would not expire as long as the trustee remains as trustee because it is an ongoing duty.

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