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PLEASE HELP ME

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mrs.king

Guest
My son was left an inheritance and a house, his grandfather was named sole trustee, and i believe that the grand father is taking money from the trust.The house has been rented out for the past eight years at $300.00 a month. the trust started at $29,000.00 11 years ago and to date there is only $33,338.91 in the trust fund, no repairs have been done to the home, execpt for the insurance and taxes have been payed from the trust.There were stocks that came with the trust fund but now have been sold by the grandfather. The stock checks brought in about $194.00 to $212.00 a month but have been sold now. I have hired lawyers in the past that got me no where but in debt.Can you please tell me as the only living legal guardian of my son, what I can do and what my rights are to this whole matter, before all my sons money is gone.



thank you
wendy king
 


ALawyer

Senior Member
If you had counsel in the past I can't see how I can help better than they did.

You can ask the probate court to compell an accounting, but that would be done from trust proceeds at your son's ultimate expense. Assuming periodic accountings have not been filed (and if so you should have an accountant examine them) a final accounting would probably be called for when your son hits the trust distribution age set out in the trust, often 21. In theory if there was mismanagement (which is hard to prove) grandfather would be liable then. My sense is that as the total trust was only $30k or so at the outset, which at 8% would prodce a gross of only $2,400, the operating expenses (such as accounting fees and perhaps a small trustee's fee) would eat away the income real fast. As most of the assets of the trust are real estate, perhaps the value of the real estate has increased.
 

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