Consent of liquidating trust
I wanted the trustee removed, (other than personally knowing he would not follow what was written in my father's trust) but, legally, because of his financial history; he declared bankruptcy in 2002, and because of his sense of responsibility towards his children.The gaurdian of the children (his deceased ex-wife's sister) would have testified about his irresponsible financial dealings over the years which she knew from conversations with her sister (his deceased ex-wife).I immediately pointed this out to my attorney, who then contacted the trustee's attorney.I was told the trustee was extremely upset when he was told of the next mistake he made. When the trustee returned 0,000 to the trust the trust had a cash value of 0,000, (each of us received 0,000).
His 0,000 was to be kept in the trustee's attorney's account until all beneficiaries signed the settlement, then it could be returned to the trust. It has become part of the current settlement; he agreed to return 0,000 to the trust and not to receive anything from the trust in order to keep the bonds.He thought if I received money I would dismiss my petition.The court ordered the trustee to return 0,000 to the trust (which he did). Then the judge made the statement that she could think of nothing more humiliating than to be removed as a trustee, which we all (including the attorneys) interpreted as meaning she was going to remove him.There is nothing left and the judge has not held him responsible for a dime. When a trustee is assigned (I was named the successor trustee) do beneficiaries exist at that time? I thought the terms "due diligence", "fiduciary duties", "unbiased" were important terms when administering the trust, especially when my father did not want him to have the money he now has stolen from the rest of us. The judge was completely in support of the trustee and I don't think she even read the trust.What was this trustee charged with in the court battle? Your suit to get him removed as trustee may have been a losing battle if you had no legal basis for requesting such.