My mom just passed away and my brother is not being transparent about their expenses. Now what?
I've asked for years for a year end summary! I have read the Trust over several times and i think, as a shareholder, that I am entitled to year-end financial reports. I would like them for the last 10 years, if possible. Just want to know that he, my brother, is following the fiduciary responsibility and NOT spending my folks money. I feel that he is spending the money and NOT doing what he's supposed to be doing. I have no idea the money situation, not will he divulge that information to me. I also am concerned with his lack of responsibility. He is supposed to have made an inventory of all of their items in order to distribute them accordingly, in an equitable manner. He has put everything in storage and wants to wait until August to go thru everything. He also wants to get another free trip out of this deal! Whenever he and his wife come here from 10,000 miles away, I'm fearful that they are depleting funds from the TRUST, which is NOT right. He makes good money and could be paying their own way! I feel like he has done this for years and my folks have allowed it! It's NOT fair and NOT equitable to the 3 of us, who should be splitting the entire estate. I feel like he should have to pay back all of his incurred expenses and the outstanding loan that his son never paid back! I am absolutely horrified at HOW much drinking there was going on during his 3 weeks here, renting a huge house for everyone and liquor flowing all over the place! My folks were EXTREMELY frugal and my Dad would've NEVER allowed anyone to DRINK, much less be paying for it! I am quite certain that they did, unfortunately! How do I make my brother account for the past 10 years worth of expenses and HOW can I make him realize that this distribution process, without an inventory, is simply NOT going to work??? I want TRANSPARENCY, FAIRNESS and EQUITABILITY in this matter! HELP!!!
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If your mother just recently died, your brother has no obligation to provide accountings for the past 10 years, only from the date of inception of the Trust (i.e., when your mother died). I'm assuming she had a Living Trust?
Who's the third person involved? I assume your brother is a beneficiary and there's another sibling, or is it your father?
I provided accountings on a monthly basis, after the Living Trust became irrevocable on the death of my sister.
You mentioned your "folks" which I assume means both your mother and father. Is your father still alive?
Your brother is probably aggregating all the household items together and planning to inventory and price them later, although waiting until August is putting off the inevitable. I think his actions also depend on his situation. If he's working full time and has a family, he wouldn't have all day to work on valuing and inventorying the assets.
I sense some anxiety in your post in that you feel he's not properly handling the Trust. You should have a copy so you can read it and understand everything that needs to be done. Then ask him. Unless there are bad feelings between the two of you, that's could be the first way of addressing your concerns.
Do you have any specific data or actions to support your suspicions of him? I can understand the concern about paying for trips, etc., but you need to know for sure if that's been done before accusing him.
These statements suggest that your concern is from the time before your mother died.
" Whenever he and his wife come here from 10,000 miles away, I'm fearful that they are depleting funds from the TRUST, which is NOT right. He makes good money and could be paying their own way! I feel like he has done this for years and my folks have allowed it!"
Was he proxy under a DPOA or POA, and is that how you feel he was inappropriately using your parent's funds? It would help if you could clarify this; if your brother was in fact a proxy, he has no obligation to provide information to you for that period. His obligation was to your mother or father or whichever of them executed a DPOA or POA. And he has an obligation to be circumspect and confidential about sharing that personal information.
If would help to answer your questions if you distinguished between what happened when your mother (and father?) were alive and what's happening and how, and on what basis your suspicions are aroused now that he's acting as Trustee.
He does have an obligation to providing accountings to you and the other beneficiary. You could start on that basis, first by reading the Trust (which he should provide a copy of to you) and asking specifically how he's handling his obligations financially. If he refused to provide this information, you may have legitimate concern about his handling of his responsibilities.