Columbus, OH asked in Appeals / Appellate Law, Civil Litigation and Probate for Ohio

Q: In a case where the plaintiff, a beneficiary, filed against the new co-trustees since the original trustee resigned upon

Breach of duty since an accounting had never been provided in 1st trust of several yrs the 2nd trust also. The B O Duty against the orig trustee was asking for accountability of missing assets was denied in the hearing since the trustee resigned. The co-trustees in turn sold property of the trusts $300,000 under the original listing by entering a contract for removing the listings once the low $ offer was made. The defendants held that it had been yrs & they just wanted to get it sold. However the contract funds is based on grants & it is has been 6 most & still no funds. Pltf holds that the new trustees lack of knwlg, total disregard & zero communication w/ pltf created a total lack of transparency, hostile and irresponsible in the asset handling. The pltf holds that due to their hurry to liquidate.. their loss of $300,000+ was due to wanting to collect asap however the beneficiaries have been forced to not simply lose in monetary value but are still waiting..6 months later.

1 Lawyer Answer
Andrew Popp
Andrew Popp
Answered
  • Estate Planning Lawyer
  • Cuyahoga Falls, OH
  • Licensed in Ohio

A: I'm sorry you're having to deal with this. On review of your facts, I do not see a question being asked. Trusts were originally based on the law of contracts. While some statutes govern general principles of Trust management etc., the specific provisions of the Trust can sometimes alter how the Trust is administered. In order to advise you about specific actions and the options available a detailed analysis of the Trust and facts is necessary.

I recommend sitting down with an attorney who practices in this area of law for a consultation.

Best of luck.

Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.

The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.

Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.