Daily Law Group
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You may have options for recourse if trust runs out

“To be trusted is a greater compliment than being loved.”

George MacDonald

 

When you designate a trustee to handle your estate, you place the culmination of your life’s work in their hands. And while there are legal responsibilities involved with administering a trust, unfortunately, some people may be incapable of respecting your wishes and handling your finances with integrity. In such instances, a beneficiary may hold a trustee accountable.

You can hold a trustee accountable for their trust management

When someone develops a trust, they dictate terms by which a designated trustee must handle their assets. But even in instances where a trustee has no ill intent or desire to defraud a trust, they might fail to manage your assets with integrity.

As the beneficiary of a trust, you may not have access to all the information about what the trust entails or that which you are to receive. However, in cases of suspected fraudulent trust oversight, you may have legal rights to file a malfeasance claim against a trustee.

A trustee has specific legal responsibilities

There are numerous reasons why a beneficiary may have concerns about a trustee’s actions. If you believe a trustee is mishandling your loved one’s trust, ask for the related financial records. The trustee must maintain:

  • Separate accounts for the trust and personal finances
  • Reasonable trust administration fees
  • Accurate records which support both the income of, and payments provided by, the trust

Not all trust malfeasance is intentional. However, a trustee was chosen due to their responsibility and character. You have the right to hold them to the standards which were set for them.

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