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Parents Estate /Trustee Issues

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Latest post Fri, Oct 7 2011 12:09 AM by Drew. 1 replies.
  • Thu, Oct 6 2011 9:25 PM

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    Parents Estate /Trustee Issues

    Parents both deceased. Mother passed away this spring. Brother is trustee. Estate is in Florida. One of the heirs borrowed money numerous times over many years. The trustee is acknowledging only one loan on the books  where there is evidence that other loans were made from check book transactions. The trustee  has said very little on the process. He admitted in an e-mail that there was a substancial loan made to this particular heir which was done in 1999. There were other transactions that clearly say loans in checkbook ledger. he is trying to cover his tracks, saying he does not know the loan. One of the other heirs has a checkbook that clearly indicates other loans. The trustee was adament about it all be divided equal minus loans. Other heirs had loans but acknowledge the loans and produced papers that mother released the heir from loans. A loan is a loan isn't it? I understand if it says gift but clearly says loan. We think the trustee and heir have not been honorable in the process. They have been taking belongings out of the house without telling other heirs. before her death.  We are concerned because the trustee now no longer acknowledges other loans, he says that was before and is there a statute of limitations on loans? Not to my knowledge. The heir in question works for the financial company that the accounts in the trust are held at. Could this be conflict of interest? Also, when mother was still alive the trustee who at the time was POA had cleaned the house out of jewelry and other personal belongings before her death. Way before her death and never gave it to her even though he was asked by one of the heirs to give or bring the jewelry to her. She was in assisted living and nursing facility out of state. We are not saying the heir in question should not get his share be we clearly think the trustee should examine all accounts going back to father's death because that is when he took over the accounts but legally not the POA..  Mother had dementia too. I know there is law that protect rights of the trustee and believe me he thinks he is squeaky clean, but there are lots of red flags going on here and two heirs feel they are being fidiciarially abused by the trustee. He is very defensive and we can't understand why he is treating the heirs that took care of the parents. Do we have any recourse with this? Unfortunately, we were hoping it was going to be done honorably  and amicably but we feel quite the opposite and very hurt. Any imput would be greatly appreciated. The trustee is throwing his power around and protecting the heir with all the loans for some reason. . Shenenagins? Thank you for your time. By the way, we asked him to use an attorney.

  • Fri, Oct 7 2011 12:09 AM In reply to

    • Drew
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    Re: Parents Estate /Trustee Issues

    Trustee may be 1/2 right by default--a loan which has been in default  for more than about 5 years may be too stale to enfoce its collection .

    But that does not necessarily rule out that trustee cannot make offsets and force debtors hand --I don't know FL rules.  But if  Sam owes estate $75,000  and estate owes Sam $100,000 then trustee might address distribution of just $25,000 to Sam .

    There is something amiss if trustee is not addressing  loans due to  estate from various heirs

    It sounds perfectly logical for trustee to require prior POA to cough up jewlery --or treat it as a distribution and adjust her share accordingly and force her hand. I suspect executor has full proper power to compel a complete accounting from prior POA. 

    I can see a point that some POA might want to secure valuable jewlery to prevent its walking away--but its now time to put it back in the pot for distribution? .

    There are several possibilities :

    Trustee is in past his competency level

    Trustee lacks a spine

    Trustee is in on unequal distribution.

    Trustee has no desire to do the work involved.


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