Legal Question in Wills and Trusts in California
minor child inheritance dwindled
My daughters father passed away in 1993 with a will. He designated in his will for his brother to manage a one hundred thousand dollar insurance policy benefit. His two children were to receive this inheritance, payable each year for three years when they turned 21. My daughter turned 21 in March, and last month called to see about her inheritance. After several calls she was told there was under five thousand dollars left. She was told the moneys were invested in stock of the company for which his wife worked and the company went under. She was told there was less than five thousand left which was then invested three years ago in an unprotected, uninsured ''get rich quick'' investment. This investment was co-mingled with his own personal moneys to total ten thousand dollars(the buy in price), which could be accessed after seven years.
Any advice as to what she should do would be appreciated.
2 Answers from Attorneys
Re: minor child inheritance dwindled
Your daughter will have to sue her Uncle (and his wife) to try to recover the money they were supposed to have inherited from their father. Do the Uncle and his wife own property? Do they have tangible assets that could satisfy a judgment? These are the questions you and your daughter have to consider. If you decide to go forward, you should consult with an attorney in your area.
Re: minor child inheritance dwindled
the funds should have increased during the 12 years. you will need to retain an attorney to advise you regarding filing a complaint against the trustee. see probate code sections 16045 to 16054 and 16400 and following at:
http://www.leginfo.ca.gov/cgi-bin/calawquery?codesection=prob&codebody=&hits=20
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
