A Trustee has a Fiduciary Duty to the Beneficiaries
Trust litigation generally involves the manner in which the trust is being administered. It is important to understand that a trustee has a fiduciary duty to the beneficiaries of the trust.
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What Rights do Beneficaries of a Trust have?
The primary right the beneficiary of a trust has is the right to a full and transparent accounting of all trust assets and all trust activity. The beneficiary may demand such from the trustee, but trust litigation may be necessitated if the trustee either refuses to provide an accounting or provides less than a full accounting.
When can a Trustee be Removed?
A trustee can be removed if:
- the trustee violates the terms of the trust agreement resulting in a material financial loss to the trust;
- the trustee becomes incapacitated or insolvent;
- the trustee fails to make an accounting that is required by law or by the terms of the trust; or
- for other reasons the court deems appropriate.
If you are either a trustee dealing with inquiries from the beneficiaries of a trust or a beneficiary trying to understand your options, a consultation with an experienced trust litigation lawyer is the best way to understand and protect your rights. For a free initial consultation, please call us at 281-242-0995 or contact our Houston area law office.