crystallinevaul
Junior Member
I need some advice regarding a generation-skipping trust. My mother-in-law had been appointed the trustee of a generation-skipping (Dynasty?) trust in which her four children are the beneficiaries. A significant amount of money was put into the trust, and there were specific instructions to put this money into separate accounts, but this was never done. The money was spent by the trustee over a period of time, and now the money is completely gone from the account, with no record by the trustee as to where it has gone. Not only is the money no longer in the trust, but there is also a property in the trust. The trustee has quitclaimed the house over to herself in the past (without the beneficiaries knowledge), and also had refinanced the house in her name and drew the benefit of that for herself. Now she put the house on the market, and was going to sell the house, but the title attorney had stopped the sale (after the purchase/sales agreement was drawn), when he discovered the number of issues involved with the title. This was when one of the beneficiaries was notified, and now all of them are aware of the situation. The trustee had intention to sell the house and keep the profits herself (not to be put back into the trust). What exactly can be done about this situation? Is there any course for legal action? I apologize for the complication of it all. Please feel free to ask any additional questions, I will answer anything I can to help!