Helping ensure the best interests of trust beneficiaries
Serving as a trustee for a trust is no simple task. For example, trustees have the legal duty to administer the trust in accordance with all instructions, to manage the assets of the trust with good faith and care, to distribute the property in the trust when required, to perform accounting duties, to communicate with beneficiaries regarding the activities of the trust, among many other responsibilities. Trustees should always take their role seriously and abide by their legal duties since a large amount of property and money may be at stake in a single trust. Any mismanagement of the trust can cause serious financial injury to beneficiaries and may result in legal action against the trustee in order to recover for losses. At the Vancouver law firm of McLarty Wolf, our estate litigation lawyers have helped trust beneficiaries mount successful claims against trustees suspected of misconduct.
Trustees can breach their duties in many different ways
There are a great number of ways that trustees may act and cause injury to the trust and its beneficiaries. Some examples of trustee misconduct include as follows:
- Making negligent or reckless investment decisions with trust funds
- Showing partiality to or collusion with certain beneficiaries
- Failing to keep beneficiaries informed of trust activities
- Commingling trust and personal funds
- Unnecessary delegation of trust functions
- Revealing confidential trust information
- Misappropriating or otherwise stealing trust funds
- Engaging in self-serving acts involving trust assets
- Any type of fraudulent dealings involving the trust or beneficiaries
- Allowing co-trustees to commit misconduct
While some forms of misconduct are substantially more serious than others, beneficiaries have the right to challenge any wrongful or negligent act committed by a trustee.
Contact an experienced Vancouver trust contests lawyer to discuss your legal options today
If you are the beneficiary of a trust that you believe has been mismanaged somehow, you should not delay in calling an experienced BC contested trusts lawyer . The longer you wait, the more damage may be done to the trust. We can evaluate your situation and advise you of your best options, so please call the firm of McLarty Wolf at 604-688-9542 today.