Trustees are the people or companies that have an obligation to properly administer a trust and the property listed in it. Under state law, trustees are fiduciaries, which means they must take prudent action to help a trust retain its value and distribute property to the named beneficiaries at the proper time. As a result, a trustee who fails in these duties may be personally liable for all reductions in a trust’s property value.
A Little Gables trust litigation lawyer can help a beneficiary when trustees have violated their obligations or defend a trustee who is being challenged. Whether you are a trust maker who has placed your faith in a trustee, a beneficiary to a trust looking to help your future property retain its value, or a trustee facing allegations of wrongdoing, a skilled probate attorney can represent you in court.
What Obligations Do Trustees Have Under the Law?
Trustees serve a vital role in the administration and performance of trusts. When a person creates a trust, they must nominate another person or organization to serve in this role.
In general, a trustee must act to help a trust continue operations and maintain the value of trust property. In addition, Florida Statute § 736.0802 states that trustees must act only in the interests of the beneficiaries. This means that all actions that a trustee takes to maintain trust property, protect the legal rights of the trust, and distribute trust property must align with the purpose of the trust and the desires of beneficiaries.
Taking it a step further, Florida law says that trustees are fiduciaries. This creates a further legal requirement to work towards the best interests of the trust and beneficiaries. It also means that unsatisfied trust makers and beneficiaries can hold a negligent trustee responsible for their actions in court. A Little Gables trust litigation attorney can provide further information about the role that trustees play and their duties under state law.
Potential Legal Consequences of Trustee Failures
Trustees have an obligation to act only in the best interests of trusts and beneficiaries. In fact, state law provides a way for beneficiaries to seek a correction if they believe that a trustee has violated this duty. According to Fla. Stat. § 736.1002, beneficiaries may seek out compensation for the financial harm that a trustee has caused to trust property or the profit that a trustee has made due to their duty violation. In addition, fiduciaries are personally responsible for providing this compensation if a breach occurs.
A trust litigation lawyer can help beneficiaries in Little Gables pursue this compensation when a trustee violates their legal duties. They can show that a trustee had an obligation under the law, that their actions violated this duty, and that this violation resulted in a reduction in the value of trust property. Alternatively, a lawyer can help trustees who are facing these accusations defend their actions during settlement talks or in court.
Speak with a Little Gables Trust Litigation Attorney Today
Trustees play an essential role in creating and administering trusts. Not only are these people and organizations required to act in the best interests of the trust but they also have a duty to act in a way that benefits beneficiaries. Failures to take proper action, or even incidents of purposeful misconduct, may lead to legal action that seeks out compensation for lost property value.
A Little Gables trust litigation lawyer can listen to your concerns during a free consultation. They can explain the obligations of trustees, evaluate the steps that they have taken, and present powerful evidence in court that promotes a fair outcome. Call us today and learn more from The Florida Probate & Family Law Firm.