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I am going to do my best to articulate this complicated, but simple story to get to my question. My son is beneficiary to his father's entire trust. Behind our backs is his Aunt took the trust from a blue chip investment firm that was his friend and managed his father's account for over 25years. Fired everyone included asking all of his father's listed successor and asked them all to renounce themselves. And then moved it to a shit bank in another state, all without informing or disclosing that she was doing this. She was co-trustee with this bank that she was friends with but then she was caught in a breach of duty and resigned because she said she didn't want to get sued. I of course wanted her gone because she betrayed my son and her brother, my son's father. She would resign unless I kept this shit bank and made the sole trustee, and there was noone left at the time. I personally wanted and felt it should be moved back to the bank his father the grantor had it at, but she was a pain and then I got bad advice from a damn attorney that didn't really help so just signed her double bonded resignation so she wasn't liable and new appointment. Now i am completely sorry I ever did that because now this bank continues to be crap compared to where it was. My son is getting screwed out of what his fathers intentions were for him. She got rid of all successors, everyone, down graded my son's investment firm from a world wide bank to crap state bank. My son will be 18 in a year and a half, does he have any recourse? Can he go to court with statue of limitation since he was a minor and had no control over all these unjust decisions and resignations and breaches and betrayals regarding his father's intention for him? I actually find better advice on this site then the crap lawyers I have been finding that are wishy washy and unethical.
Submitted: 3 months ago.Category: Estate Law
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3/22/2018
Estate Lawyer: LegalGems, Attorney replied 3 months ago
LegalGems
LegalGems, Attorney
Category: Estate Law
Satisfied Customers: 13,392
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 3 months ago

Thank you for your patience; I wanted to get you concrete information so you can reference it if you were able to locate an attorney.

So essentially under 2A:14-21 a minor's claim tolls the statute of limitations until the child reaches the age of majority. That statute can be viewed here (the site is slow now so you may need to try later; it downloaded on your first question but I can't get it to download now:

https://policy.mofcom.gov.cn/ht/english/flaw!fetch.action?id=3f1b9841-4fd3-4baa-99e8-d75ec0a5f60f

That addresses "disabilities affecting limitations" and deals with minority, tolling the statute until the child reaches the age of majority.

Under code 2A:14-2 the statute of limitations is 6 years for particular damages, and per Balliet v. Fennell (845 A2d 168, 2004) the breach of fiduciary duty falls under that statute.

Thus while it is possible to wait until the child reaches majority, often times a parent/guardian will proceed on the child's behalf before further damage is suffered, or before all of the assets are wasted.

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Customer reply replied 3 months ago
but I don't believe my son can sue colleen because I signed away on two separate documents that said I as guardian on behalf of Jacob and his heirs can not sue her...bla bla...Now I wished whole-hearted that I did not do that. So what I am asking is my son going to have a right to contest that I signed that on his behalf and let is asshole aunt get away with everything. Mostly what we are concerned about is the sub-standard poor company she left it with, they are crap and we have bad blood with them. I kind of don't understand your answer, I need laymans terms...sorry. I speak for me, not you, I sometimes can't grasp legalities as well as I want to
Customer reply replied 3 months ago
I meant to also say that unfortunately, I have dealt with many of people who don't respect me as Jacob's, the beneficiary's guardian. They don't look at me as I am fighting for his rights, just that I am trying to get money, which I am not, I haven't asked for one dime. Everyone else is taking and sticking their hands in the money jar. I just figure my son my get more respect then me as his mother. I only get little respect but not really. He is a young man. Lets face it, men get more respect
Customer reply replied 3 months ago
I want him to be able to say, my mother my legal guaridan, got no respect when it came to matters regarding me. and that indirectly affected me unfairly, because this was between me and my father. and noone is respecting that but my mother
Estate Lawyer: LegalGems, Attorney replied 3 months ago

If a parent signs off on a release of liability as to their minor the parent can also be held liable. So for example if a minor (now adult) sues for breach of fiduciary duty and names the original trustee/executor, that trustee/executor can then seek to join the parent, for signing the release, making them a co-defendant which means the court can determine which party is ultimately responsible for damages, which is not the desired effect.

I cannot find a case specific to this situation where a minor later, upon reaching age of majority, sues a fiduciary after a parent signed a release.
Only appellate cases are published so sometimes it is not possible to find a case on point;

I'm going to post this and then continue to see if I can locate anything.

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Estate Lawyer: LegalGems, Attorney replied 3 months ago

This case gives the argument that the minor's rights are not waived unless a judge approves the waiver.

https://scholar.google.com/scholar_case?case=7204809364835434217&q=parental+waiver+of+liability+binding&hl=en&as_sdt=4,31

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Customer reply replied 3 months ago
Okay, I don't think your understanding what the bot***** *****ne here that my son would like to accomplish. His aunt the trustee, moved his trust to a shitty bank, one his father did not want, and got rid of ALL successor trustee's behind our backs. Can my son go to go when of age and say that the resigned trustee did this and I want it to go back to NJ and to the company my father had a relationship with if he can prove that the bank the resigned trustee picked in PA was only for her benefit and not his. We aren't really looking for money, we are just looking to restore what he and his father wanted and not some shitty bank in the middle of PA that was moved there for a trustee whom isn't even co-trustee with them anymore
Estate Lawyer: LegalGems, Attorney replied 3 months ago

Yes, the beneficiary of a trust that reaches the age of majority can request a change in trustees; normally the trust document will set forth the process for that; if not, then the beneficiary will typically make a written request and ask for a response by a certain date (usually 7-10 business days) and if no response file a petition in court requesting the removal of the current trustee and the appointment of a successor that will be proposed by the beneficiary. If the proposed trustee was originally nominated and served well then the court is more likely to install that trustee if the trustee consents.

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Estate Lawyer: LegalGems, Attorney replied 2 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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