Do Estate Lawyers have the Right to deplete your Family's Trust Fund?

by Diane

Our parents hired an estate attorney to do their will and estate planing. Now for one, the attorney insisted on investing in very very low paying investments, as low as 1% only 4 years ago.

Then he went with an investment firm who has charged high fees and has now lost tens of thousands of dollars of our family's trust fund, at least 20% of it!

He claimed previously he couldn't "touch" the principal, but not only has he had the investment firm that HE choose, not us, touch the principal, but lose the principal!

We are at the point where our family's trust fund is at least 20% lower than it used to be when our parents first died and that happened within the last year!

He's done a number of other unethical things too. He's even paying himself as much as one of prime beneficiaries gets each quarter! I doubt my parents wanted this to happen!

How do we get him to reimburse us for the money he's lost and get rid of him as an estate attorney, for our family's trust fund?

We are in the state of Connecticut. We've read of a number of incidents of unethical business practices in Probate Courts in Connecticut and among estate lawyers in that state.

Comments for Do Estate Lawyers have the Right to deplete your Family's Trust Fund?

Average Rating starstarstarstarstar

Click here to add your own comments

Sep 08, 2011
How to Replace Trustee?
by: Mo Johnson

Hi, I take it the estate attorney is the trustee of your parents trust? If so, there should be provisions in the trust that deal with how to remove a trustee. It may be that if you all discussed the issue with him, he would agree to resign in any event.

As for recovering from the trustee for investment losses -- that likely would be difficult. Depending on state law, you would need to be able to show that the trustee acted negligently, recklessly or fraudulently in carrying out his duties. You will want to discuss this with a local trust attorney.

Click here to add your own comments

Join in and write your own page! It's easy to do. How? Simply click here to return to Estate Planning Question .

Subscribe to
Estate Planning Hub

Your First Name

Your E-mail Address

We keep this private.

Follow the Estate Planning Blog.

--by Beth Heikkinen
Marquette, Michigan
I just want to thank you for this site. It answered my questions. I think many people that do research on the net take it for granted and when they find what they are looking for they forget "someone put time, money, etc into providing me with this information."

Thank you!

Like This Site

Visit Our Social Media Pages

Become a Fan of Estate Planning Hub on Facebook Follow EstatePlanningHub on Twitter Follow EstatePlanningHub on Google+ Subscribe EstatePlanningHub Video on YouTube

Get a PDF version of this website and its sister site here.