Questions regarding My rights as beneficiary to a trust in Virginia not settled 3 years

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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 3 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.


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