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Grantor of a revocable living trust has been declared

incompetent and placed under conservatorship...
grantor of a revocable living trust has been declared incompetent and placed under conservatorship. grantor sold some assets from her trust after the conservator was appointed. successor trustee has power to manage trust assets. can the successor trustee remove the sold items from the schedule of assets or would this be considered an act outside the successor trustee's authority?
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Answered in 18 minutes by:
7/8/2017
Barrister
Barrister, Attorney
Category: Estate Law
Satisfied Customers: 43,027
Experience: 17 yrs estate law, real estate. Wills/Trusts/Probate
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Hello and welcome to JustAnswer. My name is ***** ***** I will do my best to help with your problem.

.

Has the conservator tried to cancel any sale and regain possession of the items the conservatee sold?

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Have the items actually been sold from the trust like with stocks and the money is now in the trust?

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Customer reply replied 1 year ago
no. items have been sold and money spent by conservatee.

Ok, then since they are gone and not recoverable, it would be appropriate for the current trustee to remove them from the schedule of assets and document the removal by putting something in writing about what the grantor did so as to explain their removal.

.

.

thanks

Barrister

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Customer reply replied 1 year ago
despite being under conservatorship, could conservatee complete an affidavit stating that she sold the assets (so as to rebut any assertion that the successor trustee sold them for the successor trustee's benefit). receipts of all sales are not available.

Yes, that would be a good idea to create a paper trail and then have that statement notarized and actually physically attach it to the original trust documents

Barrister
Barrister, Attorney
Category: Estate Law
Satisfied Customers: 43,027
Experience: 17 yrs estate law, real estate. Wills/Trusts/Probate
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