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CalAttorney2
CalAttorney2, Attorney
Category: Legal
Satisfied Customers: 10237
Experience:  Civil litigation attorney for individuals and businesses.
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My brother had Power of Attorney or so I was told a year or

Customer Question

My brother had Power of Attorney or so I was told a year or so before my Mother past due to cancer in 2014. After she died, My sister as next Trustee started to disburse the Trust, but cash and stock are missing approximately $240,000. in trust and not explained. Also, brother's loan repayment, approximately $140,000. was not find or explained even though I was told he paid it back. My sister resigned as Trustee, my brother is now the Trustee and hired an Attorney to represent the trust and disburse the remaining funds $105,000. I have requested an accounting of bank accounts and stock accounts for past 4-6 years, and proof of repayment of brothers loans lent in 2009-10. I got a call from my cousin who use to live with my brother saying that he has a list of loans to all of us. I did borrow $40,000. in 2003-5 to buy townhouse and I paid it back and have a letter from my Mother stated so. Will the CA lawyer cooperate and make my brother return the money to the trust? I believe he gave it to his son and my sister's son, but not sure. Thank you.
Submitted: 1 year ago.
Category: Legal
Expert:  CalAttorney2 replied 1 year ago.
A trustee's accounting is a formal requirement under the California Probate Code (it is more than just a simple bank statement). This article here: http://www.hogefenton.com/Templates/media/files/Articles/A%20Successor%20Trustee%20Accounting%20Obligations,%20Jan_Feb%20EACBA%20by%20DEC.pdf gives you a good idea of what you can expect to receive from an accounting from a trustee and how to go about requesting a formal one.I do hope the information is helpful, and I do hope that you are able to resolve any outstanding issues (debts, accounts that are not previously resolved, identified or properly accounted for) amicably, as this is far more cost effective for everyone than going through a probate proceeding.(One suggestion that you may want to consider, if an accounting does shoe discrepancies, short of filing a lawsuit, you can try to mediate the dispute with them - contact your local bar association and request referrals to mediators, a third party neutral can often help you reach a mutually agreeable resolution. Use the bar association's referrals to contact a mediator or two, the mediator will then contact the other party to set up a mediation session, and you can go from there - hopefully resulting in a formal or written settlement agreement, and save yourself the time and expense of litigation.)