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Trust fund lost in stock market - guardian liable?

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What is the name of your state (only U.S. law)? Texas

A childhood friend of my daughter's lost her parents when she was 13. Maternal uncle was made executor and maternal grandmother was given custody of girl and her older brother. Grandmother passed away one year later. Boy was allowed to live with local friends (only had a couple of years of high school left) and Uncle gained physical custody of girl. When puberty and hormones hit, Uncle shipped girl to paternal grandfather. She was then send to live with friends when grandfather couldn't handle. Uncle learned she failed a drug test at school and removed her from friends and sent her to a boot camp in Utah over a year ago. She promptly left the school at age 18 and returned to Texas.

She just learned that Uncle had invested her trust fund and lost it all. Older brother had received substantial amount of money when he turned 18, but girl gets nothing. Uncle paid $6500/mo for the teen boot camp/boarding school from her money, medicare and social security benefits.

She's turned to me for advice and I am still collecting details. Her main question is whether her uncle had a duty to pull her money out of risky investment when stock market soured. I've told her that I don't think he's done anything illegal, but would get some legal advice for her.

Anyone?
 
Last edited:


anteater

Senior Member
And you need to know a lot more about how the money was managed to even hazard a guess about whether it was done prudently.
 

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