What to do if my children have a testementary trust fund and I just found out that the trustee took all the money out and put it in her personal bank account?
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What to do if my children have a testementary trust fund and I just found out that the trustee took all the money out and put it in her personal bank account?
She did this 3 years ago but I just found out. She is willing to give money back, however I was wondering if I can file criminal charges against her for doing this?
Asked on May 21, 2013 under Estate Planning, Illinois
Answers:
S.L,. Member, California Bar / FreeAdvice Contributing Attorney
Answered 10 years ago | Contributor
You can file criminal charges against the trustee for embezzlement.
You can also file a separate civil case (lawsuit) against the trustee for conversion. Conversion is theft. Your damages for conversion would be a forced sale (the amount that was taken by the trustee and the proceeds if those funds were used for example for purchases).
The trustee has committed a breach of trust. Your damages should also include compensation for losses to the trust; for example, the trustee has a duty to invest and make the trust property productive. When the funds were in the personal account of the trustee, the trust lost income because it lost investment opportunities.
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