| FIDUCIARY
CLAIMS
Executors
and trustees are "fiduciaries" charged
to manage the estate or trust with very high duties.
If you are a current beneficiary of a will or a trust,
but the executor or trustee is mishandling the estate
or trust, you may have legal recourse. There are many
duties imposed on executors and trustees. A few of
those duties include keeping the beneficiaries informed,
protecting the assets in his/her care, investing the
assets prudently, and acting in accordance with the
will or trust. An executor should not keep the estate
open so he can merely collect fees or keep his favorite
attorneys and accountants well fed. The executor should
wrap up the estate and distribute its assets as quickly
as possible.
A trustee should regularly report to the beneficiaries
concerning the status of the trust, and the trustee
should invest the trust assets for the best interests
of the beneficiaries. The trustee needs to properly
account for the trust so that its earnings and distributions
are clear and understandable. Under no circumstances
should the trustee take money from the trust for his/her
own purposes or business. The trustee must put the
interests of the beneficiaries above his/her own.
An executor or trustee should never
enter into private dealings with the trust or estate
unless the will or trust expressly authorizes such
actions. This is called self dealing. The trust or
the estate is not a device to help them fund their
own business dealings or through which to make their
own investments. If they commingle their investments
and funds with the estate's or trust's, they have
breached their fiduciary duties. Sometimes, the people
who created the trust also serve as trustee and don’t think about the rights of other beneficiaries.
Similarly, sometimes the people who created the trust
continue to control the trustee and direct the trustee’s
actions. It is never acceptable for a trustee to put
the trustee’s interests or the trust creator’s
interests above the interests of other beneficiaries.
If a trustee or executor is not
properly discharging their duties or are clearly
breaching their fiduciary duties, contact us for
a no obligation consultation. Sometimes, a beneficiary
can’t obtain enough
information to really know whether things are being
properly handled. We can assist you in getting that
information. Contingency fee arrangements may be possible.
Delay can cause you to lose your legal rights.
|
