Questions regarding My rights as beneficiary to a trust in Virginia not settled 3 years
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
Questions regarding My rights as beneficiary to a trust in Virginia not settled 3 years
No accounting provided to me, no distributions of assets to me, etc in over 3
years. I have copy of trust that says I am entitled to 20 of trust. I do
however have recent knowledge that the current Trustee sold 1 piece of property
in the estate for a quarter of a million dollars. Where’s my accounting of this
trust, which banks is the trust held in and where is my 20?
Asked on March 1, 2019 under Estate Planning, Texas
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 5 years ago | Contributor
A trustee has dual obligations: first, the obligation to specifically follow the terms or instructions of the trust; and second, a "fiduciary duty" to be loyal to the beneficiaries, not himself, and to use reasonable care in how he handles the trust.
If the trustee is not following the trust and/or not being loyal or careful, the trust's beneficiaries can bring a kind of action traditionally called an action for "an accounting" to make the trustee acount for his management of the trust. A judge can order the trustee to do or not do certain things; to repay monies he improperly took from or carelessly lost from the trust; and/or can replace him as trustee.
This kind of action can ber procedurally complex; you are advised to consult with a trusts and estates attorney about it.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.