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RobertJDFL
RobertJDFL, Attorney
Category: Estate Law
Satisfied Customers: 13331
Experience:  Experienced in multiple areas of the law.
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Is it legal to borrow from a trust account without paying it

Customer Question

Is it legal to borrow from a trust account without paying it back?
Submitted: 1 year ago.
Category: Estate Law
Expert:  RobertJDFL replied 1 year ago.

Thank you for using Just Answer.

Typically, anything that is termed a "loan" is intended to be paid back. Otherwise, it is a grant or gift. If money is borrowed from the trust, then it is also borrowed it from the beneficiaries of the trust. A trustee is responsible to the beneficiaries for proper management of the trust assets, and during trust administration, they are entitled to a full accounting of the trust, including any monies taken from it and monies repaid.

A trustee has a duty to collect any monies borrowed from the trust and to repay any monies if they borrowed them. If they fail to do this, other beneficiaries can petition the court to remove the trustee, and if the trustee has taken money from the trust they can also seek an order for repayment of funds from the trustee.

If you need clarification or additional information, please reply and I'm happy to assist further. Otherwise, kindly remember to leave a positive rating by clicking on the stars/happy faces before signing out, so I am credited for my time and assistance today. Thank you!

Expert:  RobertJDFL replied 1 year ago.

Did you need clarification or additional information about my answer? If so, please reply, I'm happy to assist further. Otherwise, please remember to leave a positive rating for me by clicking on the stars, as experts are not employees of this site and we are only paid if you leave a positive rating. Thank you.

Expert:  RobertJDFL replied 1 year ago.

Just following up with you. Did you need clarification or additional information about my answer? If so, please reply, I'm happy to assist further. Otherwise, please remember to leave a positive rating for me by clicking on the stars, as experts are not employees of this site and we are only paid if you leave a positive rating. Thank you.