Representing the rights of beneficiaries of wills and trusts
When an individual selects someone to serve as executor of a will or trustee of a trust, they often use substantial care and consideration because these jobs can be complex and involved. Executors and trustees should also carefully consider their abilities to carry out the required tasks prior to accepting the position. Too often, however, executors or trustees fail to adequately manage an estate or trust, usually to the detriment of any beneficiaries. In such situations, beneficiaries may want to consider filing a legal claim against the executor or trustee to protect their best interests and recover for any financial losses caused by the misconduct. If you are considering such a claim, you should contact the Vancouver lawyers at McLarty Wolf for help.
Holding executors and trustees accountable for misconduct
Executors of wills have many different responsibilities after a death, some of which include:
- Obtaining probate , if needed
- Locating and ensuring assets are secure
- Properly managing the estate until closure
- Handling creditors and paying debts
- Challenging wrongful claims against the estate
- Filing necessary taxes
- Properly distributing property to rightful beneficiaries
Serving as a trustee also involves many different legal duties and responsibilities, including the following:
- Obeying the instructions and conditions of the trust instrument for property distribution
- Maintaining impartiality toward trust beneficiaries
- Managing the trust assets in the best interests of beneficiaries
- Using good faith when exercising any discretionary powers
- Abiding by the required duty of care and loyalty to the beneficiaries
If an executor of a will or a trustee fails to live up to their legal responsibilities and duties, the beneficiaries of the estate can suffer significant losses. In many situations, the best way to recover for those losses and prevent future losses is to initiate a legal claim as soon as possible.
Discuss your situation with an executor and trustee claims lawyer in Vancouver today
Whether mismanagement of an estate or trust was due to negligence or intentional misconduct, it is imperative that beneficiaries have the assistance of a committed and experienced BC estate litigation lawyer. Please feel free to call the office of McLarty Wolf at 604-688-9542 to discuss your case today.