Opinion ID: 1736103
Heading Depth: 1
Heading Rank: 8

Heading: actions taken by tipp as trustee

Text: After Monroe's death, Tipp attempted to marshal Monroe's nonprobate assets. With the assistance of financial consultants, Tipp segregated the assets held in the name of the trust from those held jointly or POD to her. She transferred the assets held in various accounts in the name of the trust to a single brokerage account opened in her name as trustee for the Monroe D. Rosenberg Trust. She then directed the trust assets to be divided equally into three separate accounts, each individually titled in the names of Tipp, Maynard, and Howard. Maynard and Howard were notified of the existence of these accounts. Tipp transferred the remaining assets, which she deemed not to be trust property, to an account in her name at another brokerage company. After Helen vacated the portion of the duplex where she and Monroe had resided, Tipp found a tenant to reside in the space for 1 year rent free in exchange for cleaning, repairing, and performing other services. In April 2002, Tipp transferred $10,000 from the trust account to her personal account. She did so because the check in that amount which Monroe had written to Helen shortly before his death was drawn on an account which was payable to Tipp upon Monroe's death. Tipp reasoned that Monroe was heavily medicated at the time he wrote the check, that he had not indicated which account he wished to use to make the gift to Helen, and that she reimbursed herself from the trust account so that she and her brothers would share the expense equally from their inheritance, as she thought Monroe would have intended.