The Process of Obtaining Financial Information About Trust Assets
Trusts are designed to help pass down wealth through the family, while keeping it safe until it is used or as it continues to grow. The person in charge of the trust is the trustee, and they have to follow certain laws while they handle the trust. If there is any suspicion that they may not be handling the job appropriately or may be taking money from the trust, it is possible to request financial information.
Request the Information From the Trustee
If you believe you’re getting cheated by your trustee, it’s a good idea to ask for the financial information right away. Ask them for a basic rundown of the assets in the trust and their current value to be sure everything is how it should be right now. If they refuse to provide this information or there is any concern that the information provided is not accurate, they are not doing the job of trustee properly and there may be legal channels to get the information and check on the trust.
Request Information in Writing
It is a good idea to write a formal letter requesting information about the assets. While this step is not required, it is a way of creating a paper trail to prove that the financial records have been requested and that the request was denied. Keep a copy of the formal letter and send it through the mail as a certified letter to have tracking information and proof it was delivered in case this information is necessary. It is possible to send it as an email as well, which can show the date it was delivered to the trustee.
Ask the Courts for Assistance Obtaining Information
It is possible to ask the courts for a formal accounting of the trust. With this, it will be necessary to file paperwork with the court system that requests that an accounting be done and that the information be given to the beneficiary. If this is not done properly, it can lead to civil infractions or criminal issues for the trustee. It is not necessary to have legal representation at this step but may be beneficial, as they can help ensure everything is done properly.
Look Into Replacing the Trustee
There are certain situations in which a trustee can be removed through the courts. When the trustee is not acting appropriately under the law or is misappropriating funds from the trust, they can be removed and replaced with someone else. This may need to go through the courts to be done legally, so it is recommended to have a lawyer to assist. The lawyer will know what steps are needed to replace the trustee and can also help with looking into potential legal consequences for failing to follow the instructions for the trust.
If you’re worried that your trust is not being handled appropriately or that the trustee is stealing from it, the first step is to request financial information for the trust. From there, depending on whether this information is received and what it shows, there are steps that can be taken to ensure the trust is safe and to punish the trustee if anything illegal is done. Talk to a lawyer about your options today to learn more about what can be done to safeguard your trust or how you can take steps to prevent further issues in the future.
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