What if you found evidence that the Trustee of a living trust was using the trust for their own personal gain?
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What if you found evidence that the Trustee of a living trust was using the trust for their own personal gain?
Mom is trustee. I received a bank statement stating that she has made multiple withdraws and even overdrawn the primary Trust checking account for everyday purchases like gas, food, etc. She has gifted me and my brother some money over the period since the trust has been initiated. What should I do?
Asked on January 9, 2012 under Estate Planning, California
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
If you suspect that your mother who is the trustee of a trust that you are a beneficiary of has misappropriated moneys with respect to it, you should have a face to face meeting to discuss whether or not your suspicions are well founded or not.
Possibly, the trust allows her as the trustee under the trust to withdraw money from it for necessities to raise you and your brother such as food and gas to transport you two. I also recommend that you carefully read the trust first before meeting with your mother to voice your concerns.
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