Legal Question in Wills and Trusts in California
Can the trustee take out an equity loan out on house still in trust for
payment of personal
debts without the 4
other beneficiaries or co
trustee permission? And she told lender it was for roof and repairs etc...tho she never repaired anything excrpt her debts. Also she put house up for sale now and eviction papers were served to her neice that resides there who is also benegiciary in estate.
Also, if a vetbal agreement saying someone can live in home until both trustees are deceased as long as she pays the taxes every year.
2 Answers from Attorneys
Suggest you obtain the services of a probate trust litigation lawyer to represent you in bringing the trustee to heel and compel an accounting and maybe obtain a restraining order until all of the assets are accounted for.
The terms of the trust will dicate what the trustee can and cannot do without the consent of the co-trustee. The beneficiaries normally will not have veto power.
The trustee may have violated the terms of the trust if she used the loan proceeds for her personal debts and not for the trust.
You need to see a lawyer to discuss the various issues, and to see if it makes sense to pursue an action against the trustee.
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