What to do if as acting trustee/executor with POA I have been selling off what few assets my mother had and have been using the money for repairs on her home?
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What to do if as acting trustee/executor with POA I have been selling off what few assets my mother had and have been using the money for repairs on her home?
About 3 years ago I took over my mother’s finances after having her declared incompetant due to dementia.I have also been personally paying all taxes, utilities, 2nd on the home and any other expenses because her income barely covers her care. The will and trust states her home passes to her 2 grandchildren upon her death and all other assets to her 4 children. How can I be reimbersed for these past bills and trustee expenses when the only asset is the home which the gradchildren do not plan to sell?
Asked on June 13, 2013 under Estate Planning, California
Answers:
Gregory Abbott / Consumer Law Northwest
Answered 10 years ago | Contributor
Your question is confusing - assuming mom is still alive, the provisions in her will are irrelevant at the moment. If she has passed away and you are the executor of her will, then the POA is no longer valid and it is irrelevant. You don't say what type of trust is involved - an inter-vivos or a testamentary trust. Again, if it is a testamentary trust and mom is still alive, the trust is irrelevant... If it is an inter-vivos trust and mom is alive, then the trust language may specify what/when the trustee may sell the property or if there are not sufficient other assets to pay mom's bills, the house may have to be sold to pay her expenses, including reimbursing you for moneys expended for her direct benefit. In the end, it likely will not matter whether the grandkids want to sell or not if the value of the house is needed to pay the bills. You may wish to sort all this out with an experienced probate/trust attorney. Good luck.
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