A trustee is an individual who administers a trust on behalf of the beneficiaries. Trustees are responsible for managing trust assets, including maintaining the property and making sure it is productive – i.e. generates income or profit. However, a trustee’s job can be challenging and downright impossible if they don’t have the skills or expertise …
A trustee has a legal, fiduciary duty to act prudently in managing the trust solely in the best interests of its 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. Some common reasons trustees can be …
While you are not legally required to retain a lawyer to accomplish many of your fiduciary duties as trustee, working with a trust attorney is generally a good idea for professional and family/friend trustees alike, particularly if you have not administered a trust before or you’re unfamiliar with a specific trust or some of its …
Yes, trustees can be held personally liable for losses sustained by the trust if they are found to be in breach of their fiduciary duties. Trustees owe trust beneficiaries the highest legal duty possible, which is known as a fiduciary duty. This means that they must prudently manage the trust for the sole benefit of …
A significant portion of your duties as a trustee consists of distributing trust assets to trust beneficiaries. When making these distributions, it’s essential that you follow the directives in the trust instrument. What is a trust distribution? A trust distribution is a payment or other distribution of trust assets made by a trustee to one …
As a trustee, you can be legally removed if you fail to comply with your duties to the beneficiaries or otherwise mismanage the trust. While some trust instruments may outline a procedure for removing a trustee, beneficiaries can also petition the probate court to do so. Can a trustee be legally removed? Yes, a trustee …
In the state of California, trustees have a duty to keep the beneficiaries of the trust reasonably informed about the trust and how it is being administered. As part of this duty, trustees must provide all beneficiaries with an accounting of the trust assets and how they have been used. What is a petition for …
Can a trustee remove a beneficiary from a trust? Yes. Is it common? No. Upon the death of a decedent, most trusts become irrevocable. An irrevocable trust is intended to be just that: Irrevocable. That means the individuals creating the trust intended its assets for the beneficiaries, without change. Sometimes, however, we see married couples …
Can a Trustee Remove a Beneficiary from a Trust? Read More »
Can you sue a family trust? While you technically cannot sue a family trust, you can sue the trustee of a family trust if you have a claim to assets held by that trust, or if you think that the trustee is mismanaging or stealing from the trust. You can also challenge the legitimacy of …