Trustees play a fundamental role in the administration of trusts. It is their job to ensure that the trust serves the purpose for which it was created, that trust documents and records are properly maintained, and that the assets of the trust are financially well-managed. While most trustees take these duties seriously and serve to the best of their ability, others are less scrupulous. Thankfully, when a trustee is not performing as he or she should, there are avenues for removing them from the role, including filing a suit for breach of fiduciary duty.
Trustees have three primary fiduciary duties that they owe to a trust and its beneficiaries:
Trustees can violate these three duties in many different ways, resulting in a potential legal claim for breach of a fiduciary duty. Potential breaches include:
To bring a claim against a trustee for a breach of fiduciary duty in Texas, a claimant must show several things, including: (1) that there was a fiduciary relationship between the trustee and the claimant; (2) that the trustee breached his or her duty to the claimant; and (3) that the claimant experienced an injury because of that breach. Importantly, individuals wishing to file suit for breach of fiduciary duty must do so within four years of the trustee’s breach.
If you believe that the trustee of your trust is not managing the trust in the best way possible, or not acting in your best interest, you should talk with an attorney as soon as possible. The estate litigators at Romano & Sumner, LLP can help you evaluate your situation and determine whether you may have a claim under Texas law for breach of fiduciary duty. For assistance with your claim, contact us online or at 281-242-0995.
Romano & Sumner, PLLC