A trustee is responsible for managing a trust and administering its assets. They manage investments, distribute assets to beneficiaries, and file tax returns on behalf of the trust. The appointed trustee has a lot of responsibility, but not all trustees are forthcoming with information, and some of them may steal from the trust. If you are aware of a trustee stealing from a Alameda County trust, speak with an experienced trust litigation attorney.
At Hackard Law, our lawyers are experienced in litigating complex trust issues, so contact our team today to discuss trustee theft.
A trustee has a fiduciary responsibility to manage the trust for the benefit of the beneficiaries. But there are various ways that a trustee can be disloyal to the trust. They may steal from a trust by transferring assets into their own name or by using it to pay for their personal expenses. A trustee may sell assets to themselves at a discounted rate or keep the money for themselves. Alternatively, they may simply take assets from the trust. While a trustee may receive compensation for their work, they may steal money by overpaying themselves, or they could make unauthorized or excessive withdrawals into their personal accounts.
No matter the circumstances, it is important to speak with a qualified attorney if a trustee is stealing from a trust in Alameda County.
If you suspect a trustee of theft, it is important to speak with a knowledgeable Alameda County attorney. You should request a trust accounting, which is a detailed financial record of all transactions, including all income, expenses, distributions, and changes in asset values.
Beneficiaries can request a trust accounting to ensure transparency in the handling of trust assets. A trust accounting may provide beneficiaries with insight into the status of any assets, allowing them to determine if anyone has stolen from them.
In Alameda County, stealing from a trust can have significant penalties. In a civil suit, if there is proof that a trustee has stolen from a trust, they will lose their position and a new trustee will be appointed. The trustee may also need to return any stolen funds or assets and pay interest on them. They may also face attorney fees and other monetary damages, and if they are also a beneficiary of the trust, they may have their portion of the inheritance reduced.
Additionally, the trustee may be prosecuted criminally for the theft. The specific charges will depend greatly on the amount they stole: a misdemeanor if the theft was a small amount or a felony if it was a large amount of money. The trustee will likely face fines and time behind bars. A trustee stealing from a trust is a serious offense, and a dedicated trust litigation attorney could ensure they consider all options.
A trustee stealing from a Alameda County trust is a serious offense that may result in monetary penalties as well as potential time in jail. If you believe that a trustee has stolen assets, you need to speak with an experienced attorney.
At Hackard Law, our lawyers have extensive experience in advocating for beneficiaries of trusts who have had assets stolen. Our team will answer your questions and help guide you through the legal process. We are here for you when you do not know who else can help, so contact our team today to discuss your case.
(916) 775-8542