What to do if I believe that the trustee for my elderly parents is misspending the money in the trust accounts?

ow can I make him account for his actions? He does not share any account statements, expense statements, and does not do what they want with the money.

Asked on February 15, 2015 under Estate Planning, Oklahoma

Answers:

M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney

Answered 5 years ago | Contributor

You can go to the probate court in question and file for an accounting. This will reveal just what, if any, inapproriate action(s) the trustee has undertken. The fact is that the trustee has a fiduciary duty and is legally liable for any breach of that duty. So, if found to be in breach, they can be made to make restitution, plus can be financially responsible for any addititonal losses (interest, etc.).

You can consult directly with a local attorney as to all of your rights and remedies under specific state law.


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.