The role of trustee is a serious undertaking. Once an individual or entity is named as trustee of a certain trust, they owe fiduciary duties of honesty, prudence, and loyalty to the beneficiaries of that trust. When the trustee fails to satisfy any of the duties, the trustee may be held personally liable for such failure. The attorneys at Hays Firm LLC represent beneficiaries and trustees in trust litigation; including, but not limited to the following:
- Failure to properly report and account to the beneficiaries for all trust transactions;
- Failure to make proper and timely distributions;
- Improper investments;
- Self dealing;
- Failure to pay the proper beneficiaries;
- Failure to accurately determine the value of assets prior to sale;
- Creditor claims;
- Excessive trustee compensation;
- Interpreting ambiguous trust provisions.
The beneficiaries of trust assets possess a variety of rights. Most importantly the current income beneficiaries of a trust are generally entitled to a regular accounting or report from the trustee illustrating all trust transactions over a specific period of time. If you find that a (1) trustee is failing to provide you with the information you need in order to understand the business of a trust to which you are a beneficiary, (2) a trustee is devaluing the trust through its negligence, or (3) you need advice regarding protecting your assets from creditor claims; please contact Hays Firm LLC to discuss how we can help. You may contact the firm at (312) 626-2537 or via e-mail.
If you are currently acting as a trustee and wish to avoid disputes and trust litigation, our firm can counsel you on how to best perform your duties as trustee. Many trustees do not realize that they may be held personally liable for improperly handling trust property. If you have questions regarding trust administration, please contact Hays Firm LLC You may contact the firm at (312) 626-2537 or via e-mail.