Monday, July 18, 2011

What penalties will an executor of an irrevocable trust face for borrowing money from the trust?

The executor borrowed without permission and has admitted to borrowing, however; amounts have not been disclosed. What will the likely consequences be? The executor has confessed to one of the trustees and will also confess to the lawyer who created the trust. I hope to solve the matter without paying lawyer fees if possible but would like to gauge the severity of the executor's offense before proceeding without further legal advisement.

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