An experienced Trust Estate Administration attorney will help you determine the most practical trust for your particular needs. Once a trust is created, the Trustee has the power to carry out the trust purpose. However, the Trustee must act in the best interest of the trust and its beneficiaries. If the Trustee does not comply with the terms of the trust, the beneficiary may bring a lawsuit against the Trustee for breaching a fiduciary duty.
A Trustee must comply with the terms of the trust and that of the law. Moreover, a Trustee owes certain fiduciary duties to the beneficiaries of the trust and to the trust itself. These fiduciary duties include the duty to diversify the trust assets by investment, the duty to regularly provide the beneficiaries with a statement of income and expenses of the trust, and the duty to handle certain income tax return issues.
A Trustee owes several additional duties to the trust’s beneficiaries as well. It would be helpful to speak to a qualified estate-planning attorney to assist with some of these important duties. If a Trustee breaches any of their fiduciary duties they will be held personally liable for the resulting damages to the trust and it beneficiaries.
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