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I have a c0-trustee on my living trust...big mistake!
He has said that he would prefer to let my proiperty go to waste rather than fix it. He sais he will allow it to fallinto disrepair then resign as co-trustee to avoid any personal liability.

2007-07-29 11:18:58 · 2 answers · asked by charlotte q 2 in Society & Culture Religion & Spirituality

Sorry wrong catagory!!!

2007-07-29 11:47:17 · update #1

2 answers

Sounds like a breach of trust but then I am a Biblical Scholar, not a lawyer.

2007-07-29 11:22:44 · answer #1 · answered by Anonymous · 1 0

Q: "He sais he will allow it to fallinto disrepair then resign as co-trustee to avoid any personal liability."
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Does the charter of the trust allow the "co"-trustee to resign? If so, then he is perfectly safe in doing so. You need to read the charter or truss documents that empower the trustee or any assigns to that position.

A trust is just that. The Creator is selling or granting complete control of asset(s) to a trust, which is in complete control of a trustee. I've never heard of a co-trustee myself. But if he is a co-trustee, then you need to read what the documents say about the what the trustee can and can't do. If there is nothing suggesting that position CANNOT do what it wants to do, then there is legally nothing you can do about it.

Furthermore, if you are the Creator of the trust, you have absolutely NO business interfering with that trust. Once you created that trust, you should have been long gone, otherwise the breach can be your fault and you could get hit with an interference with the trust!

If you are the Trustee, then use your power to do whatever is necessary to preserve the trust, but do it by the book, according to what the charter allows. If you are the Trustee of a trust that you created, your trust is doomed for breach already. Unless the trust bought the property at fair market value. If the property was granted, and you are a Trustee to the Trust that it was granted to, say good night to the show.

They don't call them Trusts for nothing, you know. The trust's property is not your's! And I don't know what kind of connection you have with everything, but it sure doesn't sound healthy to me, and I'm afraid if you try to pursue this, the trust is gonna lose a lot of money in attorney's fees, not to mention property that you no longer have because it was put in trust.

2007-07-29 18:59:47 · answer #2 · answered by Atom 4 · 0 1

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