Legal Question in Wills and Trusts in Illinois
legal consequences of mis-spending trust funds for a minor
trust fund for my daughter with me as gaurdian. The funds are gone--mostly mis-spent. I am in bankruptcy so have no assets to turn over to her as re-payment. My parents had signed as suretys that I would not mis-use the money and so now appear to be the ones responsible for replacing the money to her. She is an adult now. What consequences could there be for me having done this? Could I be sent to jail and loose my job thus never being able to repay my parents? I am wanting to know what could happen in court when it is determined that there is no more money in the account and that almost all of it was not spent directly on the benefit of the minor. My parents say that they will have to pay my daughter everything that I can not replace (nothing) and that I will have to pay them back. What will the court say?
2 Answers from Attorneys
Re: legal consequences of mis-spending trust funds for a minor
Yeah, you probably could be sent to jail - it is called STEALING! That money was not yours, it was your daughters and you stole it. If and when charges are brought, your public defender will apprise you of the consequences. This is more of a criminal matter, so you may want to speak with a criminal attorney. Also, your bankruptcy attorney can tell you if the adjudication of bk will abolish this trust claim. Even if it does, I hope you will do whats right and pay back your parents or daughter if it is ever possible.
Re: legal consequences of mis-spending trust funds for a minor
Hello. Quite frankly, you
could be held in contempt
of court for misappropriating
the money in the trust fund.
However, as long as no one
goes into court on a motion
to hold you in contempt,
you can probably rest assured
the court on its own will not
hold you in contempt. Of
course, your parents in theory
could sue you for what they
have to pay out. Good Luck!!
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