Trustees can be held liable for their actions but it can be a tough case to prove.
Wills, Trusts & Estates Prof Blog recently published the article “The Many Ways Trustees Escape Liability” explaining it can often be difficult to actually hold trustees to account.
Depending on the specific language of the trust documents, trustees can have wide latitude in deciding how trust assets will be invested and distributed. Giving trustees this power is important to make sure that the trust is operated in such a way as to maximize their value for beneficiaries.
Many people often waive their rights to hold a trustee liable either by consenting to a transaction before it is made or by signing a release from liability form. In both cases beneficiaries are supposed to be given full disclosure before waiving any rights. However, opinions about what constitutes full disclosure can vary.
Some trust documents themselves also limit the ability to hold trustees liable and courts always have the right to excuse a breach of duty by a trustee if the court finds it equitable to do so.
Expert legal advice may be necessary if you have a serious conflict with a trustee.
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If you need legal help with an estate or trust issue you should speak with an experienced trust and estate administration attorney as soon as possible. Contact us online or call our office directly at 800.756.5596 to claim your space at one of our free, informative seminars. Your attendance will qualify you for a discount for our estate and trust administration services. We proudly serve clients throughout California with offices in Torrance, Newport Beach, Orange, Woodland Hills and Pasadena.
