Understanding the issue
Trustees are responsible for managing trust assets according to the trust's terms and applicable law. Responsibilities generally include prudent investment, careful recordkeeping, keeping beneficiaries reasonably informed, and making distributions as the trust directs.
Disputes can arise over the interpretation of trust provisions, the timing of distributions, trustee conduct, or requests for information and accountings.
Common situations that may require legal advice
- You have been named successor trustee
- A beneficiary is requesting information or an accounting
- Trust terms are ambiguous or appear outdated
- Concerns exist about how a trustee is managing assets
- A trust must be wound down and distributed
General procedural considerations
- 1.Reviewing the trust instrument and amendments
- 2.Identifying and valuing trust assets
- 3.Communicating with beneficiaries
- 4.Maintaining detailed records and accountings
- 5.Distributing assets according to the trust's terms