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Old 08-18-2013, 11:27 PM   #1 (permalink)
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Join Date: Aug 2013
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Trutees rights

My mother's trust reads that there is to be an equal division of the estate, minus a few mentioned loans that are outstanding. She wrote the trust in 2008 and since then there have been many other distributions and other loans. However she never updated the trust to include these figures. She trusted my brother and myself (co-trustees) to even everything out in the end. One of the siblings (a beneficiary) has borrowed a huge amount of money which is documented in the her bank registers. However no official paperwork was ever filled out. Do the trustees have any rights to "interpret" the vague language of the trust which says to divide her estate equally. Can we call all the the $ she's given out "early distributions" of the estate and subtract those amounts from the total left in the estate? We need to come up with an even distribution but that includes adding in transactions that occurred prior to her death.
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Old 09-09-2013, 05:53 PM   #2 (permalink)
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As the trustee's it is your responsibility to make sure the trust is administered properly and if there is an uneven balance you should take action to ensure the estate is being distributed evenly otherwise their may be a breach of fiduciary duty.

Here is an article explaining the responsibilities and rights of trustees. http://www.legalmatch.com/law-librar...a-trustee.html

It sounds like some type of legal action is necessary to straighten everything out. Good luck.
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