Does a trustee of a living trust need to submit actual receipts when asked?

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Does a trustee of a living trust need to submit actual receipts when asked?

My minor boys are the beneficiary’s of their grandmother’s estate and some money she left before passing 2 years ago. The trustee “her niece” has been acting very weird. We requested an accounting of all spending. That would be the money left for the children, $18, 000. In her accounting, first off she was 5 months late. When her attorney finally emailed it to me, it was just random numbers done herself from computer.; by the way the boys inheritance money is all gone. I have asked her for receipts but she refuses to send anything.

Asked on April 17, 2012 under Estate Planning, Nevada

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

I am so sorry for your loss and for the situation as it now stands.  A trustee is a fiduciary and carries with it great responsibility.  Breach of the trust and abuse of the powers can lead to personal liability for the trustee. A trustee must indeed account for spending and probably annually according to your state laws.  I think that is may be a good idea to speak with an attorney at this point in time.  Good luck. 


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