New Member
Posted 01 February 2012 - 03:55 PM
My mom passed in 1992, both my sister and I have received our final distribution. My younger brother is about to receive his. When does the clock start ticking on the statute? Does it commence after he receives his distribution? Are there different time limits with regard to what we can contest or adjudicate? Such as breach of trust oe excessive fees?
Thank you
Platinum Contributor
Posted 02 February 2012 - 04:08 AM
Your final distribution from what? A trust? Your mother's estate? Why is he only now receiving a "final distribution" 20 years after your mother's death? When did you and your sister receive your "final distribution[s]"?
What statute?
I'm not sure if "we" refers to you, your sister, and your brother, or only to you and one of them. In any event, every civil claim is subject to a unique statute of limitations, and it's not clear whom you want to sue or what cause(s) of action you want to allege. If you can more clearly explain the relevant facts and who is suing whom and for what, I can probably tell you what the applicable statutes of limitations are.
New Member
Posted 02 February 2012 - 05:26 AM
New Member
Posted 02 February 2012 - 05:55 AM
Your final distribution from what? A trust? Your mother's estate? Why is he only now receiving a "final distribution" 20 years after your mother's death? When did you and your sister receive your "final distribution[s]"?
At age 45,
jaimemamere said...
When does the clock start ticking on the statute?
What statute?
jaimemamere said...
Are there different time limits with regard to what we can contest or adjudicate? Such as breach of trust oe excessive fees?
I'm not sure if "we" refers to you, your sister, and your brother, or only to you and one of them. In any event, every civil claim is subject to a unique statute of limitations, and it's not clear whom you want to sue or what cause(s) of action you want to allege. If you can more clearly explain the relevant facts and who is suing whom and for what, I can probably tell you what the applicable statutes of limitations are.
Hard to be brief but I will try,
I am a beneficiary of my mother’s irrevocable trust established in California when she passed back in 1992 The starting balance from her life insurance was six million dollars split tree ways with my sister and brother. My concerns are numerous but I will list just a few I have concerning the Trustee. It was left to her old business management firm she used at the time. ***** with ***** as executor. He retired many years ago and named his son **** as the new trustee. He, the son ****, subsequently had to shut down the company and close the office they had in Century City for well over a decade. **** moved to another firm in Sherman oaks. It was not his own he just opened an office and used their name. I feel that his only substantial account was ours. My concerns were addressed in writing numerous times to him, When my letters commenced listing point by point the potential liability in breaching his fiduciary duties, he retained a law firm specializing in trusts that charged around five hundred dollars per hour in turn surcharging the trust in excess of two hundred thousand dollars. When I informed him that seeking counsel for his personal exposure could not be charged to the trust he made it out that the counsel was in the interest of the trust not him. As such, I am privy to the file and a client negating any confidentiality concerns. He has yet to disclose anything therein except the check ledger for their fees. I retained counsel and all it did was double my expenditures as I paid for my counsel while he charged me for his the trust document grants the Trustee complete, total, and absolute discretion over all matters of the trust. Within six months, I realized my actions construed a new definition found in Webster’s dictionary, insanity! A medical emergency occurred requiring principal distribution. He made me sign a release of liability not just for the needed funds but also for his administration of the trust prior to cutting the check. I can e-mail a few tax returns documenting the following examples.
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Platinum Contributor
Posted 02 February 2012 - 07:52 AM
I think what you're saying here is that the trust's one and only asset was the proceeds from one or more life insurance policies. Correct?
A trustee of a trust is entitled to retain legal counsel at the expense of the trust. Just because a beneficiary accuses a trustee of doing something improper doesn't mean he actually is.
Made you sign? As in a gun to your head? A trustee cannot require a liability release as a condition to a distribution of trust benefits, but it's not illegal to ask for one. If you signed it notwithstanding because you had some personal need, that's not something that can be brought back on the trustee.
This is a public message board, and I certainly don't want you to e-mail anything. As far as fees exceeding the amount of income, there's nothing wrong with that. As far as investments, those can be subjected to scrutiny. As far as a percentage for compensation, that's not how it works.
Despite the length of your follow up, you didn't really answer the questions I asked -- in particular, how long ago all this occurred. In any event, the statute of limitations for a case for breach of fiduciary duty against a trustee is either three or four years from the date of the occurrence.
By the way, using actual names is quite foolish. First, it could subject you to liability for defamation. Second, for all you know, the person mentioned is a client of mine (I'm not saying that's the case, but these are anonymous boards, and you don't know who's reading or responding to your posts).
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