Security Aviation, Inc. Business Owner Mark Avery Responds To California Lawsuit Accusing Him Of Taking More Than $50 Million From Widow’s Trust Fund
Last week, Anchorage attorney and Security Aviation, Inc. business head Mark Avery filed a 21-page defense against a California lawsuit claiming that the other two trustees of the May Smith Trust gave their consent to his borrowing more than $50 million to finance his company’s rapid growth.
Avery, who was one of three trustees entrusted with managing widow Smith’s $150 million in assets, is being accused by the two other trustees of mishandling her trust. The two trustees filed a suit in civil court in San Francisco in July, and they are now asking Avery to produce complete financial records.
Smith, who died on July 15, was the widow of Australian tycoon Stanley Smith.
NOLO.com defines a trustee as the person who manages assets owned by a trust under the terms of the trust document. A trustee's purpose is to safeguard the trust and distribute trust income or principal as directed in the trust document.
The trustee is responsible for taking overseeing and representing the trust and may also be given additional responsibilities. The trustee will usually hold the property's legal title.
Avery's role as trustee on Smith’s fund has been suspended. He inherited his role following the death of his father San Francisco tax and estate lawyer Luther Avery on December 2001.
The Law Offices of Scott Sagaria handles all matters related to estate planning. If you would like to set up a private trust for a loved one or have another estate planning matter you would like to discuss with an attorney, contact the Law Offices of Scott Sagaria for a free, no obligation consultation.
Avery Was Nearly Broke, Suit Says, Adn.com, October 14, 2006
Avery Accused of Raiding Trust Fund, Adn.com, August 3, 2006
Trustee, Nolo.com
Related Web Resources:
Private Trusts: Concept, Taxability, and Planning, Blonnet.com
Private Trustee Information, U.S. Trustee Program/Department of Justice
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