• FreeAdvice has a new Terms of Service and Privacy Policy, effective May 25, 2018.
    By continuing to use this site, you are consenting to our Terms of Service and use of cookies.

There are three siblings. Two are executors of a trust who I do NOT trust. How do I make sure I don't get swindled?

Accident - Bankruptcy - Criminal Law / DUI - Business - Consumer - Employment - Family - Immigration - Real Estate - Tax - Traffic - Wills   Please click a topic or scroll down for more.

Thrillskr

New member
My family has about six-million dollars in real estate holdings. There are three adult children: me, my 54-year old sister from whom I am estranged, and my 45-year old brother. I get along with him, but he is a pathological liar and has no moral framework. You never know what he's really thinking behind that smile. None of my siblings (or my parents) have an honest bone in their bodies. I am the only honest one in the entire bunch. My parents are both elderly, and my dad is in failing health. This issue has taken on a greater urgency for me.

My parents made *both* my two siblings executors of the trust, since both are attorneys. Although the trust distributes the real estate among all three of us equally, I am overcome with concern that my vindictive sister and lying brother will try to swindle me in some way. I've been ruminating about it a lot lately, especially since I saw a my sister's dishonest and crafty side a few years ago.

I want to be prepared. My guess is that I should establish contact with some kind of "estate" attorney, tell them this story, and see if they think it's a good idea for them to oversee the entire process after my parents have finally passed away. In this scenario, I'd call the attorney immediately after both of my parents have passed away, alert them and have them begin the oversight. What do you think? I need peace of mind that I will be protected, as neither of my siblings can be trusted.
 


adjusterjack

Senior Member
I suggest you talk to your parents about your concerns and ask for a copy of the trust documents. Then look up the ownership of the properties in the county records to make sure that they are actually owned by the trust.

Other than that, if talking to a trust/estate attorney gives you peace of mind then go for it.

By the way, trusts don't have executors, they have trustees and beneficiaries. You might want to study up on how trusts work.
 

zddoodah

Active Member
None of my siblings (or my parents) have an honest bone in their bodies. I am the only honest one in the entire bunch.
Out of curiosity, what nasty things would they say about you if they were posting here?

My parents made *both* my two siblings executors of the trust, since both are attorneys.
Trusts don't have executors. An executor is a person who administers the estate of a dead person. Trusts have trustees, so I'll assume that's what you meant.

the trust distributes the real estate among all three of us equally
It "distributes" (present tense) the property? Do you mean that, upon some occurrence, the property will be distributed? If so, what is that occurrence? The deaths of both of your parents?

My guess is that I should establish contact with some kind of "estate" attorney, tell them this story, and see if they think it's a good idea for them to oversee the entire process after my parents have finally passed away.
If the trust in question is a standard revocable trust that many people use for the purpose of avoiding probate, and if your two siblings are co-trustees, then an attorney you hire would have no ability to "oversee" anything.

What do you think?
Well...you're certainly free to hire a lawyer after your parents die to advise you about what your siblings are doing in their capacities as co-trustees of the trust in question. However, I doubt you needed any anonymous stranger on the internet to tell you that, so I'm really not sure what you're asking.

By the way, have you considered speaking with your parents about your concerns and seeing if, maybe, they'd be willing to amend the trust to designate some third-party to serve as trustee?
 

Thrillskr

New member
Based on the responses here, I will certainly study how "trusts" work. One of my concerns is whether or not my siblings can buy, sell and/or transfer properties without my knowledge. I don't want to wake up one day and wonder, "Where did everything go?" I have no idea where the rents will go or how they'll be distributed. They are all rental properties. Should I just sit back and wait for my other two siblings to send me what I am entitled to under the trust?

As to the question that's been posted in one of the above replies that asks what my parents would say if they had anything "nasty" to post about me here, they wouldn't say anything negative about me. The family is deeply dysfunctional, dishonest and secretive. The image projected to the outside world is the direct opposite of what exists behind closed doors. They don't care if the apple is "rotting at the core" if it's shiny on the outside. They would simply say, "everything is just fine." I am at odds with them because I can no longer "play the game" and participate in the dishonesty and manipulation that holds it all together.
 

t74

Member
You should ask the attorney about the reporting requirements of trustees both before and after the deaths of your parents This is in addition to the rights granted to the trustees. These would be based on the type and provisions of the trust.

ETA: I also suggest addressing your own estate plan based on the trust specifics and state laws.
 

adjusterjack

Senior Member
Based on the responses here, I will certainly study how "trusts" work.
A good place to start is with your state's trust code/statute. Reveal your state and I'll give you the link. You can also google revocable living trust (your state) and you'll find plenty of material.

One of my concerns is whether or not my siblings can buy, sell and/or transfer properties without my knowledge.
A trust can be written to give the trustees the authority to do all of that. All the more reason for you to have a copy of the trust documents.

Should I just sit back and wait for my other two siblings to send me what I am entitled to under the trust?
With $6,000,000 in assets at stake? I wouldn't sit back and wait. I'd want to know what was going on with every dollar every day.

if your two siblings are co-trustees, then an attorney you hire would have no ability to "oversee" anything.
It's a little less absolute than that. Your attorney can monitor the activities of the trust and trustees to see if they are following the terms of the trusts and complying with the trust statutes and he can certainly litigate if there is any malfeasance or misfeasance evident.
 

zddoodah

Active Member
One of my concerns is whether or not my siblings can buy, sell and/or transfer properties without my knowledge.
Depends on the terms of the trust instrument and the laws of the unidentified state under which it is governed. It's certainly not uncommon for a trustee to have the power to buy and sell trust property, and it's often not necessary for a trustee to notify a beneficiary when that happens. However, all states impose on trustees the obligation to provide accountings to beneficiaries (although, in some cases, it's necessary for a beneficiary to make a request in writing before that obligation kicks in).

Should I just sit back and wait for my other two siblings to send me what I am entitled to under the trust?
Here's what we know about your situation:

1. Your parents created a trust.
2. Your siblings are trustees of the trust, and you and your siblings are beneficiaries.
3. Your "family" owns approximately $6M in real estate.
4. You don't trust your siblings.

That's not enough information for anyone to provide an intelligent suggestion about what you should or should not do (beyond a suggestion that you consult with an attorney).

As to the question that's been posted in one of the above replies that asks what my parents would say if they had anything "nasty" to post about me here, they wouldn't say anything negative about me.
I asked what your siblings would say about you, and the point of the question was that your talking smack about them isn't particularly helpful to the analysis of any legal issue.

You should ask the attorney about the reporting requirements of trustees both before and after the deaths of your parents This is in addition to the rights granted to the trustees.
Trusts do not grant "rights" to trustees (unless those trustees are also beneficiaries, in which case their rights are because of their status as beneficiaries, not their status as trustees). A trustee has no rights, only obligations.

With $6,000,000 in assets at stake? I wouldn't sit back and wait. I'd want to know what was going on with every dollar every day.
That's fine to want that, but that's not a realistic expectation or something to which a beneficiary would be legally entitled.

It's a little less absolute than that. Your attorney can monitor the activities of the trust and trustees to see if they are following the terms of the trusts and complying with the trust statutes and he can certainly litigate if there is any malfeasance or misfeasance evident.
If you want to call that "overseeing," then sure, but I wouldn't call it that.
 

t74

Member
By "rights" I meant what a trustee , individually or all, is permitted to do under the terms of the trust document.

A trustee, individual or as a group, have obligations.

I would hope that a well qualified estate's attorney created the trust. I would also hope that the parents provided all of the children a copy of the trust and all other estate documents (i.e wills, list of bequests, etc.) Having had to deal with a difficult executor and not having a complete set of documents, I encourage this problem be addressed before either dies.
 

Find the Right Lawyer for Your Legal Issue!

Fast, Free, and Confidential
data-ad-format="auto">
Top