My father named my brother and I co-trustees of his trust and then he died. My brother immediately transferred all the cash to his account. What shall I do?
If your father named you and your brother as co-trustees of his trust, and your brother transferred all the cash to his account, it can be a serious breach of trust. Here are some steps you may consider taking:
Review the trust document: Review the trust document to understand the terms and conditions of the trust and any specific provisions that govern the management of the trust's assets.
Consult with an attorney: Consult with an attorney who specializes in trust and estate law to help you understand the legal implications of your brother's actions and to advise you on the best course of action.
Contact your brother: Contact your brother to discuss the transfer of the cash and ask for an explanation of his actions.
Notify beneficiaries: Inform the beneficiaries of the trust of your brother's actions and keep them informed of the steps you are taking to resolve the issue.
Consider seeking court resolution: If you are unable to resolve the issue with your brother or if you believe that your brother has acted illegally, you may need to petition the court to remove your brother as trustee or to have the trust modified by the court.
Seek an accounting of the trust: Ask your brother to provide an accounting of the trust's assets, including the cash transfer, and an explanation of how it was used.
It's important to note that as a trustee, your brother has a fiduciary duty to the beneficiaries and he should not use the trust assets for his own benefit. If he did, he might be held liable for any losses. Therefore, it is important to act quickly and seek legal advice to protect the trust's assets and the beneficiaries' interests.