Mom passed away last year and left a trust for 4 kids as beneficiaries. Brother is trustee. Possibility he has transferred funds into other accounts from trust in days before my mom passed. We are expecting an accounting soon. What are the penalties if he took extra money for himself?
Most trusts give the trustee some discretion on how to manage the trust but require that the trustee act in the best interests of the trust (follow instructions in the trust). A review of the trust would be required to know if what the trustee did was within the terms of the trust or not. Please consult with a local attorney for advice.
Please consult or retain a lawyer for your particular issue.
IF it turns out the trustee has stolen trust funds, he can be liable for damages and yes, could theoretically be prosecuted criminally.
Yes. Brother may be liable for actions before and after death.
Brother owes fidicuary duty to all beneficiaries.
Facts stated may be basis for several actions against brother:
-financial elder abuse;
-breach of fiduciary duties;
-removal as successor trustee
Penalties may be both criminal and civil.
Review of specific facts and trust documents needed to further advise.
Years licensed, work experience, educationLegal community recognition
Peer endorsements, associations, awardsLegal thought leadership
Publications, speaking engagementsDiscipline