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Guardian of Property (bank) Mismanaged IRA Account

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catsanimals4uca

Junior Member
Guardian of Property*Bank) mismanaged IRA Account

catsanimals4uca said:
What is the name of your state?
FL
It is apparent to me that the guardian of the property did nothing to manage mom's IRA. I believe I can find an attorney that will take the case on a contingincy basis. Someone told me today that the bank can use the funds in the IRA to defend themselves. Is this true? If so, under what conditons can they use the funds in the IRA for defense? Would the same be true of funds held in a trust if they were the trusties of the trust?

Thanks
 

anteater

Senior Member
Just a comment.

I hope that you are looking for the toughest, meanest, bluffingest bulldog of an attorney that you can find. If I understand what you are saying, a bank is not very likely to just roll over and admit that they breached their fiduciary duty. Particularly when they can pay for the defense out of someone else's funds.
 

BlondiePB

Senior Member
anteater said:
Just a comment.

I hope that you are looking for the toughest, meanest, bluffingest bulldog of an attorney that you can find. If I understand what you are saying, a bank is not very likely to just roll over and admit that they breached their fiduciary duty. Particularly when they can pay for the defense out of someone else's funds.
There's probably more to this entire story. An attorney will take this on contingency due to the fact that there is a trust that the attorney that the OP hires has a "well" of money to access to pay for attorney fees. The guardian of the estate has the legal right to have the legal fees paid by the estate. Most people do not understand how complex handling of these types of accounts are and that it is necessary to have legal expenses in order for the ward's affairs to be handled. It is necessary for the guardian of the estate to obtain court permission (and order) to manage the ward's estate. And, the guardian of the estate has the legal right to have the trust pay for the fees. The trustee has the legal right to have the trust pay for legal fees.

This situation requires the bank to submit two annual accountings to the court (one for the trust and one for the estate) that are audited by the court. Those accounting reports will tell all in regards to the management of both accounts. The bank also has the right to be compensated for both managing the guardian of the estate account and for Trustee Fees for managing the trust. There may not be anything wrong with this situation except that the OP wants money and access to the money now, and the OP does not understand how all this works - including the bank being compensated for both accounts and legal fees that have had to have occur for whatever was/is required for these accounts to manage the affairs of the ward and trustor.
 
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