Legal Question in Wills and Trusts in Florida
Trustee powers???
Can the Trustee use a revolving credit line that is against the home. (no mortgage) taken out by the late Alzheimered owner of the TRUST and the TRUSTEE. She has created a living trust for herself having the now deceased sign for it with the trustee. She says there is nothing but the house and refuses to come up with any explanations to the other Beneficiaries. Is there a time limuit to put any will into probate. If there is one we cannot get any answers. She refuses to accept any letters and her lawyer only knows what the Trustee tells him. Do we have any recourse to have her removed and a full accounting made to the beneficiaries? The Lawyer who is handling everything says he has been retained to ''administer the Trust'' Does this mean the Trustee is done with their responsibilities and cannot be removed. Can she take out mortgages on the house to pay herself and keep the house-Neither the Trustee or spouse have much income!
1 Answer from Attorneys
Re: Trustee powers???
NOTE: This communication is not intended as and should not be interpreted as legal advice. Rather, it is intended solely as a general discussion of legal principles. You should not rely on or take action based on this communication without first presenting ALL relevant details to a competent attorney in your jurisdiction and then receiving the attorney's individualized advice for you. By reading the "Response" to your question or comment, you agree that the opinion expressed is not intended to, nor does it, create any attorney-client relationship, nor does it constitute legal advice to any person reviewing such information, nor will it be considered an attorney-client privileged communication. If you do not agree, then stop right here, and do not read any further.
The trustee has a fiduciary responsibility to the beneficiaries and cannot squander the corpus (assets) of the trust. If you honestly feel this is the case, you can retain counsel and challange what is happening in court. It may be an expensive battle, however. You should meet with an attorney and discuss your legal rights and obligations.
Scott R. Jay, Esq.
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