I’m a trustee in my parents family trust that’s been served a summons in New York State. Can my personal assets or my credit rating be at risk?’
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I’m a trustee in my parents family trust that’s been served a summons in New York State. Can my personal assets or my credit rating be at risk?’
I’m a trustee in my parents family trust that’s been served a summons in New
Asked on May 6, 2016 under Estate Planning, New York
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 7 years ago | Contributor
IF you personally did something tortious or criminal, like, say, embezzling money from the trust or diverting funds to yourself or friends of yours, then you could be sued for that bad act; if there is a judgment against you personally, for some wrongful act you did with the trust, that could affect personal assets or credit. But only if you are personally named in a lawsuit involving the trust and there is a judgment against you personally. Suits and judgments against only the trust will not affect you personally.
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