Alex Who monitors the trustee of a trust?
The truth is that there is no governmental authority that oversees that acts of individual Trustees. There is some oversight of corporate Trustees, and private professional Trustees, but not individuals who are named to act as Trustee.
What happens when a trustee of a family trust dies?
When a trustee dies, the successor trustee of the trust takes over. If there is no named successor trustee, the involved parties can turn to the courts to appoint a successor trustee. If the deceased Trustee had co-trustees, the joint trustees take over the trust without involving the courts.
What happens if a brother or sister becomes a trustee?
Depending on the way the trust is set, there can be a situation, where the person that’s the trustee overseeing the money for their brother or their sister, will receive a windfall if that money is not actually given to that brother or sister. Imagine a situation where the bad brother passes away and the trustee receives the balance that’s left.
When do you become a co-trustee of a family trust?
You are happy to help. You are later added as co-trustee when Aunt Joan falls ill. Sadly she passes away and a couple of months later Uncle Dan moves the funds into his own trust and starts spending them. You don’t concern yourself too much but something is gnawing at you.
Can my brother who is the executor and trustee of my?
Under the law, your brother has various duties and obligations regarding the trust and the estate. However, if nobody is watching his actions, then he will likely do what he wants and it could be very difficult to undo much of that. An attorney can take steps, including primarily filing proper petitions in court, to help protect your rights.
Why did brothers fight over a family trust?
• Brothers fought over how much to spend on their mother’s nursing home. • A wealthy family fought over selling family stock (a famous beverage company). • Siblings fought over an equal inheritance because they received unequal gifts while their parents were alive.
Depending on the way the trust is set, there can be a situation, where the person that’s the trustee overseeing the money for their brother or their sister, will receive a windfall if that money is not actually given to that brother or sister. Imagine a situation where the bad brother passes away and the trustee receives the balance that’s left.
Who is the executor and trustee of my fathers estate?
My brother has been appointed trustee/executor of my fathers trust/estate. My father had a large estate of cars, antique guns, planes, property etc. It appears that my brother just plans on taking whatever he wants and not discussing with me or my other brother.
Can a co-trustee be named in an estate plan?
Here’s one such hazard: When people with children set up their estate plan they often feel that they should treat them all equally by naming them all as co-trustees. Sounds fair and just? On the face of it, yes. But as an experienced estate planning attorney I invariably find myself cautioning these parents.
What are the responsibilities of a co-trustee in California?
The California Probate Code (in Section 16013) clearly stipulates the obligations of each trustee in a situation where co-trustees exist . Each one must “participate in the administration of the trust.”