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The duty of disclosure is another responsibility of the trustee. When you've been chosen to act as the trustee of a trust, you must handle both money and people. How to Get Along With Beneficiaries When You're a Trustee | Nolo The process involves establishing legal Standing, gathering evidence, and filing a lawsuit. Failure to formally notify beneficiaries of any material transactions may constitute a breach by the trustee. If you're not sure whether a beneficiary's request complies, seek the help of a trusts and estates lawyer. In casual speech, people may refer to "the trust" having an attorney to mean that the trustee has an attorney, much in the same way one can say, "Minnesota won the game" to . But generally, the offending trustee will be removed, replaced and surcharged (or forced to pay for the losses they caused). Trust Litigation Attorney Fees: What You Need to Know, Falsely Accused of Undue Influence What to Understand, The timeframe for suing a trustee varies depending on the jurisdiction and the specific claims being made. The technical storage or access that is used exclusively for statistical purposes. You have a legal duty to give the beneficiaries information that they might need to protect their interests. You can provide it if a beneficiary asks you for it. All you need to do is: Thats it! It is important to keep in mind that disliking the terms of a trust is not considered a valid reason for bringing a contest, nor can a contest be brought by someone who does not have financial stake in the outcome of the trust contest. Guide to Qualified Domestic Trust (QDOT). With over three decades of experience in estate planning, business, and commercial litigation, our team of skilled attorneys is dedicated to assisting clientsranging from trustees and beneficiaries to business entities and real estate partnersin safeguarding their rights and achieving the best possible outcome in any dispute. With trusts, it occurs when the trustee fails to act in the best interests of the trust beneficiaries. The short answer is yes. Can a Beneficiary Sue a Trustee - Hess-Verdon & Associates PLC The right to a copy of the trust document, The right to be kept reasonably informed about the trust and its administration, The right to be treated impartially by the trustee, The right to receive timely distributions from the trust, The right to petition the court to have the trustee suspended and surcharged, to keep in mind that a trustee is a fiduciary, which means that it is the trustees job to always consider and act in the, best interests. Transparency and bookkeeping will be the primary focus. Connection to this website, and communication to this law firm via email or other electronic transmission do not constitute an attorney-client relationship with Keystone Law Group, P.C. What an Executor Can and Cannot Do | RMO Lawyers Most often, the loss and damages made by the trustee can be less apparent. How Trustees Protect Themselves from Lawsuits | Albertson & Davidson But by then, the offer from the neighbor may be gone. Here, the general rule is that if a beneficiary or potential beneficiary is contesting the validity of the entire trustmeaning that, if successful, the trust will cease to existthen the trustee has the authority and likely a duty to defend the trust's existence, even if they are ultimately unsuccessful.