My two cousins quit being POA in 2010, and I was appointed trustee. We went to PROBATE and the judge said to "cut off your sister" because my cousins were paying her $1,000.00 month rent over 8 years, out of an EDUCATIONAL TRUST FUND.
The account is way down and hoping there is enough for my son to go to college.
Is this legal and if so, my mother had court appointed GAL and an Probate attorney, why did they not do anything about this?
The $350,000.00 LIFE INSURANCE policy, was suppose to go into the now depleted FAMILY TRUST, if the amount fell below $500,000.00. The insurance company sent my sister the whole check before I contacted them about these precise stipulations.
At this point, I will be the ONLY beneficiary, that got less that $50,000.00. The others got well over half million.
It appears from your statements that the people administering the trust fund failed to follow the terms of the trust. if it's possible to prove your statements are accurate, then a court would be able to hold the responsible parties liable for the funds improperly distributed. It would be very important for you to hire an attorney as soon as possible, share all of the information with them so that you can be adequately represented. You may have a claim against the life insurance company or the agent involved. However, the insurance company is only obligated to make payments according to the beneficiary designation that's on file with them. If the only named beneficiary was your sister then the stipulations in the trust would have no effect.
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To clarify, the grantor of the trust passed and you are a beneficiary of the trust.
Please note that the POA terminates upon the passing of the principal -- person giving the power to another to handle their affairs.
For some reason the successor trustee went to court to resolve an issue. You are concerned that you did not receive your fair share of the trust estate.
If these are the facts, then you should consult with a local attorney who can review all of the documents and counsel you effectively.
AVVO and your local county bar association can provide attorney referrals.
It seems you have evidence of any or all of improper enrichment, wasting of assets and other possible actions to be brought against the former administrator(s) of the trust. Your statement is a bit jumbled, so I would strongly urge you to speak with an attorney to properly understand all the moving parts in this matter and your means of recourse available.
The answers provided in this forum by me and transmitted by users of this forum are not to be considered legally binding in any way, nor is there an intent to form an attorney client relationship. If further information is required, seek competent legal counsel.
I agree your best option is to find a local attorney to go over the documents and gather background information from you. It can be fact intensive, and that is not appropriate for this site. Use the Find a Lawyer feature on this site or contact your local bar association for a referral. Good luck.
Answer given for general advice and is not a legal opinion, which would require an analysis of the facts and circumstances as well as the applicable law and regulations.
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