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.
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.
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