What to do if my sister and I are co-trustees on my parents’ living trust amd I just discovered that my sister has tapped out the balance of the trust?
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What to do if my sister and I are co-trustees on my parents’ living trust amd I just discovered that my sister has tapped out the balance of the trust?
She used the funds for personal spending. What kind of trouble is she in and what can I do to be sure she pays back the half of the funds that should be remaining that would be my inheritance? Dad died 5 years ago; mom was in an Alzheimer’s facility until she died last Saturday.
Asked on November 10, 2012 under Estate Planning, California
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
I am so sorry for your loss and for the situation. If your sister did as you say then she was in breach of her fiduciary duties and she technically embezzled the trust funds. You need to bring an action against her. The terms of the trust will govern here some what. You may need to be appointed as the fiduciary of her estate to get them back. It depends. Good luck to you.
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