Probate - Unethical Behavior
Upon death 12/07, discovery of equity drawn on estate property in excess on $250K over 4 year. Totaled over 540K over 12 years. This was done through equity loans 4 times in 4 years. This was done by fudiciary who is the daughter claiming that monies was needed for mother who had no other source of income. Mother communicated to me, son, that she has no option and she was given a small percentage of it and felt she had no option and it good faith did it. Daughter questioned on financial accounting upon death on how equity was spent with a reply that she has no legal obligation to answer me. Very defensive. Fiduciary claims beneficiaries will recv. residual after equity loan paid on sale of property. Amount to very little. Fiduciary is not title holder, it is shared with me. No physical evidence that even a small percentage of 250K was spent over 4 years on mother, intended recipient. Mother communicated to me that she was reprimanded for asking where the monies were going and was not a gift. Also complained about how she led an expensive life style. Is there evidence here of unethical/criminal behavior on the part of the fudiciary?
1 Answer from Attorneys
Re: Probate - Unethical Behavior
Hello. It sounds like you definitely need to talk to a probate attorney.
A fiduciary does have responsibilities to the estate of the person whose assets are being managed.
My advice: Find a knowledgeable probate attorney in your area who specializes in litigation and schedule an appointment go over everything you have listed in your question. The method by which you will need to proceed will depend on the nature of the fiduciary relationship, e.g., trustee, conservator, executor, etc., but it sounds like you have a strong case for litigation.