However. This information is not intended to create, and receipt or viewing does not constitute, an attorney-client relationship. They may even be able to seek punitive damages. You'll be providing regular written reports (called "accountings") that detail all financial transactions, but it's a good idea to keep informal lines of communication open, too. Serving as trustee of a living trust can be intimidating, but as long as you are organized and conscientious and seek help when you need it, you'll be just fine. This combination is the perfect recipe for fear and paranoia. If just one of the beneficiaries does not consent to the notice of proposed action, the trustee will not act. Trustees are required to remain impartial (i.e., they cannot favor one, over another), and they have a duty of loyalty as well. If you are the beneficiary of a trust and believe the trustee to have failed in their duties in any of the ways mentioned above, it is important to get in touch with a beneficiary lawyer as soon as possible. The fiduciary duty includes numerous items, and some that can initiate a suit are: A trustee refuses to give a full or proper accounting to the beneficiaries. A trustee's job is to manage, hold and distribute trust assets in favor of beneficiaries. If a trustee violates this fiduciary duty, the beneficiaries can pursue legal action to remove the trustee and, in some situations, sue a trustee for their wrongdoing. Depending on the terms of the trust agreement, there may be provisions allowing for the removal and replacement of a trustee under specific circumstances. When a breach is committed, it is essential trust beneficiaries take the necessary steps to enforce their living trust beneficiary rights. One of these could be due to a lack of transparency and inefficient asset management. In more severe cases, the court may decide to remove the trustee and appoint a new one. Case Study: Disinherited Spouse Settles for Minimal Sum, Bad Trustee Case Study: Keystone Uncovers Trustee Misconduct, Misappropriation of Assets Case Study: Keystone Helps Surviving Spouse Recover Millions From Deceased Husbands Estate, The Probate Process: How it Works With and Without a Will, Equitable Adoption Case Study: A Stepchild Can Have Inheritance Rights. Can I Sue My Mortgage Company for Stress? Your job as trustee will be infinitely easier (and you'll be far more effective) if, right from the start, you have cordial dealings with the trust beneficiariesthe people who benefit from the trust money. Beneficiary vs. Trustee: Estate Planning Guide - SmartAsset The trusts creator is sometimes called a, First and foremost, the trustee has a duty of loyalty.
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