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How are money collected from beneficiaries who owe the

Customer Question
How are money collected...

How are money collected from beneficiaries who owe the estate money through loans made with the trustee?

Lawyer's Assistant: Estate laws vary by state. What state are you in?

California

Lawyer's Assistant: What documents or supporting evidence do you have?

Promissory notes were made by that are unpaid

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

Living will was made on behalf of mom and dad. Oldest son was made trustee and had been financial advisor. Both parents are now dead and there are outstanding promissory notes. 6 siblings. 5 took out loans. 3 of them borrowed more than what would be an equal share of what's left. The other 3 would have moneys come them from the estate. How would we "force" or try to collect on these notes?

Submitted: 4 months ago.Category: Estate Law
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Answered in 3 minutes by:
3/13/2018
Estate Lawyer: LegalGems, Attorney replied 4 months ago
LegalGems
LegalGems, Attorney
Category: Estate Law
Satisfied Customers: 13,691
Experience: Private Practice; Elder Law Attorney; Estate Planning; Attorney Mentor
Verified

Hello! I will be reviewing your question and posting a response momentarily; if you have any follow up questions please respond here. Thanks!

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Estate Lawyer: LegalGems, Attorney replied 4 months ago

The trustee is in a fiduciary duty and as such must protect the assets of the trust;

therefore if the loans are not paid pursuant to the terms of the promissory note the trustee may sue the borrower.

For loans under $10,000 small claims is appropriate;

http://www.courts.ca.gov/selfhelp-smallclaims.htm

Otherwise limited civil if $25k or less:

http://www.courts.ca.gov/1064.htm

And for higher value cases, general civil.

If the trustee negligently made the loans and the money is not recoverable the trustee can be liable as well for breach of fiduciary duty.

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Estate Lawyer: LegalGems, Attorney replied 4 months ago

Hello; just checking in on the above.
If you have further questions please post here and I will do my best to get you the requested information.
Otherwise
kindly rate positively (hopefully you feel I have earned 5 stars) to help maintain my high customer satisfaction score and so I know you were satisfied with my services.

The above information is for educational purposes only. An attorney in one's jurisdiction can be located at https://www.americanbar.org/groups/legal_services/flh-home.html
Thank you.

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