Who Is Affected By A Trustee Breach?
Posted by: albright on Fri, Jul 03, 2020Share this post
Trustees are typically given the legal authority to oversee important financial transactions for a deceased individual. However, certain unscrupulous individuals abuse these powers. Such malfeasance might lead to significant economic distress for the trust’s intended beneficiaries.
Albright Stoddard Warnick & Albright, Las Vegas NV trustee attorneys, invite subjects who find themselves in this unfortunate situation to read the following brief blog discussing potential legal recourse such individuals can partake in.
Trusts are financial arrangements often created by persons prior to their death. In some cases, trusts merely contain money. However, in other instances, these holdings are comprised of ownings, such as, homes, other real estate holdings, vehicles, investments and other miscellaneous assets.
The individual setting up the trust is known legally as the trustor. Said individual places whatever assets they deem fit into a trust. The trust is then overseen by a trustee, an individual or entity the trustor granted power to perform specific duties associated with managing the trust. This designee has a fiduciary responsibility, meaning said subject has the legal responsibility to act in accordance with the trustor’s directives and act in the beneficiaries best interests.
That said, in certain instances, unsavory trustees might engage in maleficent acts, including the embezzlement of funds or partaking in ill-fated investments. Such measures could have a profoundly adverse impact upon the trust’s health and limit the rewards rightful beneficiaries can claim.
Actions Beneficiaries Can Take
Impacted beneficiaries might be able to recover stolen or lost funds from the Trustee through a legal effort known as a civil suit. That said, success in such an endeavor will require the harmed beneficiaries and their attorney to prove several issues, including, that an established relationship existed between the trustor and trustee and the trustee committed discernible acts of malfeasance.
Persons who believe they were the victims of trustee fraud are encouraged to contact us. Members of our team can review the facts surrounding the case and might be able to help a client recover lost funds. More information about our firm can be found by visiting the website of Albright Stoddard Warnick & Albright, Las Vegas NV trustee attorneys.