Can you create a trust with my money?
In 2005 the Texarkana Court of Appeals was asked that question. An elderly couple who became concerned about their future health and living care needs made two of their children signatories on their bank account. Over time, the mother died and a daughter was able to get sole control of the funds. She refused to [...]
Does a Bank Have to Return Money to an Estate that it Let the Wrong Person Withdraw?
In two recent cases in the San Antonio area, the Texas Supreme Court was asked to decide if two banks were required to return money to an estate that the banks had paid out to a person with fraudulent papers. The facts were that a former county employee who worked in the probate section of [...]
Elder Financial Abuse – Signs
The United States government’s Administration on Aging, a part of the U.S. Department of Health & Human Services, identifies the major types of elder abuse such as physical abuse, sexual abuse, neglect, financial abuse, etc. A type of abuse identified by the U.S. government that is seen too often in probate and inheritance matters is [...]
What damages are available for breach of a fiduciary duty?
The Texas Supreme Court decided a case in 2010 that answered the question of fee disgorgement. In the case, two business partners decided that one partner would sell his interest to the other partner. Partners are fiduciaries to the other partners. They also signed a non-compete clause so that the selling partner could not go [...]
What must an executor do if he discovers additional property belonging to the estate?
Once the executor or administrator in a probate case is appointed, he must file an inventory of all of the property belonging to the estate. TPC 250. The inventory has to be filed within 90 days of his appointment. Once filed, the judge will review the inventory and, if everything seems to be complete, enter [...]
Can a fiduciary duty be based on an informal relationship?
The short answer is, yes it can be. An informal relationship may give rise to a fiduciary duty when one person trust in and and relies on another, whether the relationship is a moral, social, domestic, or purely personal one. A fiduciary duty based on an informal relationship may arise when a high degree of [...]
Is a breach of fiduciary duty a crime?
Texas has a criminal statute that makes it a felony offense to misapply fiduciary property. Many of the cases dealing with the criminal aspect of misapplication of fiduciary property deal with persons who have powers of attorney over a relative. Using the power of attorney, they essentially convert the relative’s money into their own. Occasionally, [...]
Limitation period for removal of a trustee
The Texas Supreme Court ruled in June 2009 that there is no statute of limitations for removal of a trustee. A beneficiary filed suit to remove the trustee of a trust set up for the benefit of the beneficiary. The trustee, although acknowledging breaches of fiduciary duty, contested the removal on the basis that more [...]
Financial institution breached fiduciary duty
In a case decided in 2005, a man had an account at a financial institution. He originally opened the account as a joint account with right of survivorship with his daughter. That means that he and his daughter were joint owners and when the first one died, the account would belong to the survivor without [...]
Can someone with a power of attorney create a trust for his principal?
The principal is the person who gives the power of attorney. The agent or attorney-in-fact is the person to whom the power is given. Once he has a power of attorney, can the attorney-in-fact create a trust for the principal? In Texas, the answer is no, he cannot. The law dealing with trust requires that, [...]
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- Can you create a trust with my money?
- Does a Bank Have to Return Money to an Estate that it Let the Wrong Person Withdraw?