Trust hasn't been executed - It's been 2 1/2 yrs

[Christie63]

What is the name of your state?What is the name of your state?What is the name of your state? Florida

My great uncle and great aunt had a decent sized estate at the time of their passing, 1998 and 2002 respectively, which included bank accounts, stocks, and a condo, which was sold in 2002.

There is a revocable trust, naming all heirs and the percentages they will get of the estate. To date, nobody has received a final accounting of the estate to show exactly what the estate was worth, what expenses needed to be paid, nothing. Some of the heirs have borrowed against their portion of the estate over the past 2 1/2 years, but nobody knows if they received their full portion yet or what.

My uncle (their nephew) is named as Trustee and says there is no offical documents to show what anything was worth and says he will write out (by hand) what was in the accounts, what stocks there were, etc. He says there is nothing official to show any of the heirs so that we know what our portion of the estate should be.

I am entitled to 16% of this estate, but 16% of WHAT?

The heirs have requested a meeting with the Trustee for this weekend. I would like to make a list of items he needs to bring with him to this meeting to show the heirs, but I don't know what to ask him to show us. What questions should we be asking? What documents does he legally have to disclose to the other heirs?

How else can we find out how much an estate is worth at the time of their passing? Upon searching in Clerk of Courts Public Records, it shows the case status as still "Open" and my great Aunt (the last to pass away) died 2 1/2 yrs ago.

Thank you for your time and efforts.

Christie
Ft. Lauderdale, FL

 

[BlondiePB]

Go to the probate division of the courthouse in Broward County where the probate case is and get a copy of the will and anything else that is in the file. You and the other beneficiaries need a consult with an estate attorney. There's absolutely no way that I would accept handwritten account of anything. See documentation of everything. This means bank statements, deeds of property that have been titled (?) to the trust, etc.

 

[Dandy Don]

So why have you all waited so long to find out anything?

Within 30 days after the death occurred and along with his acceptance as trustee, he had a responsibility to inform you of his address. If you requested the accounting information by a verbal request, that was unacceptable--your request needs to be in writing.

The fact that he is evasive is a bit troublesome and could be an indication that he may have stolen. Of course you don't want to make accusations until you have a complete picture of what occurred.

Ask also for a copy of the trust federal and state tax return. He should also have kept copies of the bank account cancelled checks or know how to request it from the bank.

Get an attorney to help you get to the bottom of this.

DANDY DON IN OKLAHOMA ([email protected])

Ask your attorney if you can ask the court to require that a trustee's bond be posted to protect your financial interests from theft by the trustee.

 

[Christie63]

Thank you for your replies...

"So why have you all waited so long to find out anything?"
The family has asked the Trustee (another family member) for an accounting since the beginning but we have continually been stalled with such responses as:
(A.)We have to wait until after April 15th so the appropriate taxes can be paid before any disbursements.
(B.)The war (at the time) was causing the stock prices to go down drastically. We needed to wait until the stock prices go back up before liquidating the estate.
(C.)An accounting would be difficult to obtain since the deaths occurred so long ago and since other family members have borrowed against their portion of the estate. (This one was sent by the attorney who used to represent the Trustee to all the "interested parties" included in the inheritance)

Some of the family finally received a handwritten "accounting" of what this was worth, that was worth, etc. It was crossed out, written over, and wasn't legal by any stretch of the imagination. Most of us didn't even receive that though.

"If you requested the accounting information by a verbal request, that was unacceptable--your request needs to be in writing."
We finally understood that and wrote the attorney that used to represent the Trustee, specifically asking for that accounting that his last correspondance stated we would receive more than a year ago. We sent this letter certified and it was received a week ago. Apparently it was faxed to the Trustee and now the Trustee is calling all the heirs, threatening to turn this one in for having an affair, turning another one in for working under the table while receiving SSI, etc. It's a mess and it has caused a HUGE riff in the family.

Unforunately, none of the heirs (except the Trustee) has had extra money to hire an attorney to get to the bottom of it. We have all secretly hoped we'd break him into finally giving us an accounting, as we've repeatedly asked for, and disburse any further cash gifts, if we indeed have that coming to us.

Thank you again for your replies. I have printed them out and will discuss our options with my family.

Christie

 

[seniorjudge]

Thank you for your replies...

"So why have you all waited so long to find out anything?"
The family has asked the Trustee (another family member) for an accounting since the beginning but we have continually been stalled with such responses as:
(A.)We have to wait until after April 15th so the appropriate taxes can be paid before any disbursements.
(B.)The war (at the time) was causing the stock prices to go down drastically. We needed to wait until the stock prices go back up before liquidating the estate.
(C.)An accounting would be difficult to obtain since the deaths occurred so long ago and since other family members have borrowed against their portion of the estate. (This one was sent by the attorney who used to represent the Trustee to all the "interested parties" included in the inheritance)

Some of the family finally received a handwritten "accounting" of what this was worth, that was worth, etc. It was crossed out, written over, and wasn't legal by any stretch of the imagination. Most of us didn't even receive that though.

"If you requested the accounting information by a verbal request, that was unacceptable--your request needs to be in writing."
We finally understood that and wrote the attorney that used to represent the Trustee, specifically asking for that accounting that his last correspondance stated we would receive more than a year ago. We sent this letter certified and it was received a week ago. Apparently it was faxed to the Trustee and now the Trustee is calling all the heirs, threatening to turn this one in for having an affair, turning another one in for working under the table while receiving SSI, etc. It's a mess and it has caused a HUGE riff in the family.

Unforunately, none of the heirs (except the Trustee) has had extra money to hire an attorney to get to the bottom of it. We have all secretly hoped we'd break him into finally giving us an accounting, as we've repeatedly asked for, and disburse any further cash gifts, if we indeed have that coming to us.

Thank you again for your replies. I have printed them out and will discuss our options with my family.

Christie

Tell him you want to see the original trust agreement and every single document pertaining to it. This means tax returns, correspondence, deposit slips, etc.

In other words, every scrap of paper dealing with the trust needs to be brough to the table.

 

[Dandy Don]

All the excuses you have been given are just that--simply excuses and stalling tactics to keep you all from finding out what really happened with the money that they have misappropriated/stolen.

(1) "APRIL 15TH/TAXES"--April 15th of what year? Haven't they had over a year to do the taxes? The trust tax return can be prepared at any time and there is no need to wait until April 15th.

(2) "STOCK PRICE"--It's nice that they wanted to wait for the price to go back up, but that is not necessary or required. They are required to liquidate/sell the stock at whatever the current price is--waiting for an increase may be futile and may never happen.

(3) "ACCOUNTING DIFFICULT TO OBTAIN"--so what if the deaths occurred so long ago--it doesn't matter WHEN the deaths occurred--the trustee is responsible for keeping accurate records at ANY TIME DURING HIS ADMINSTRATION AS TRUSTEE--FROM BEGINNING TO END. The amounts borrowed by heirs can be inserted or deducted at the appropriate place on the financial documents.

Sure is going to be an interesting meeting. We will wait to see what other excuses/stalling tactics they come up with. Beneficiaries need to stop borrowing against their "expected portion" from the trust until they get exact figures about what they will be eligible to receive, IF there is anything left in the trust to distribute. Did beneficiaries sign any type of legal agreement with attorney handling the trust or did just the trustee do that? You need to be asking about what the legal fees are for handling this trust (what the going rate is and what total amount has already been billed to the trust).

Please get your own trust attorney to accompany you to this meeting (or consult with one after the meeting occurs--you need a professional second opinion to filter out the BS you are being given and to verify what they are telling you is true or not) and ask attorney whether you can require this trustee to post a trustee's bond to protect your financial interests in case it is proven that theft occurred.

DANDY DON IN OKLAHOMA ([email protected])

 

[BlondiePB]

Christie, your attorney's fees can be paid by the trust (if there's any money left in it). You want to ask for a "proper accounting". In FL, a "proper accounting" is done on Form No. GA-4.025 that includes Summary, Schedule A, Schedule B, Schedule C, and Schedule D. These forms are very specific. The attorney you hire will have them. And, as previously advised, ask for a copy of all bank account statements and receipts (deposit slips, cancelled checks). The face on the trustee, the nephew, will be one of utter panic when he sees what all this entails and how he will have to "answer" for every penny.

 

[Christie63]

Well, the meeting is tomorrow evening and everyone involved is very worried. He has always been a bully to all concerned and this is definitely no exception. I think fear has kept everyone from doing anything so far but the more excuses and stall tactics he uses, the less everyone is fearing him or his wrath.

My grandmother (his mother) is still alive and is 89 years old. We have tried to shield as much of this unpleasantness as possible from her because it only upsets her, yet she is the biggest inheritor, at 30%, so she will also be at this meeting and hopefully everyone will keep the peace for her, if nothing else.

Will update here once the meeting is over and again, thank you all so much for your replies. I have printed them all out and will bring them with me to the meeting.

Take care & have a wonderful weekend,
CHristie