If the beneficiary of a trust has reason to believe that a trustee has acted in a way to breach their fiduciary duty, their best course of action is to seek legal representation from a certified trust lawyer. This may include cases of asset mismanagement, theft, probate litigation, guardianship litigation, or any other case involving a dispute over the terms of the trust.
A trust attorney in Westlake Village can help to review the terms of the trust and determine whether one party has acted in a way that breached the contract. This post will explore some of the most common reasons why a trust beneficiary might seek the support of a legal representative and explain the context behind each scenario.
It’s the duty of a trustee to manage the assets of a trust responsibly and in accordance with the wishes of the settlor. If the trustee is found to have mismanaged the trust assets, they may be held liable to the beneficiaries for any losses incurred. Some of the most common examples of asset mismanagement include:
- Investing trust assets in high-risk ventures without the consent of the beneficiaries
- Failing to diversify the trust’s investments, leading to higher levels of risk
- Making unauthorized withdrawals from the trust
- Making unauthorized loans from the trust
In some cases, a trustee may be found to have committed fraud or theft if they have used trust assets for personal gain. If you suspect that your trustee has mismanaged the trust assets, you should speak to a trust lawyer as soon as possible.
If a loved one has passed away and named you as a beneficiary in their will, you may need to engage in probate litigation if there is a dispute over the distribution of the estate. Probate litigation can be a complex and emotionally charged process, so it’s important to have a trust lawyer on your side who can protect your interests.
Some of the most common reasons for probate litigation include:
- The will is invalid or has been tampered with
- There is a dispute over who should be the executor of the estate
- There is a dispute over the distribution of the estate
If you’re ever involved in probate litigation, it’s important to seek legal representation as soon as possible to protect your interests. Failing to take action could cost you an inheritance that is rightfully yours.
The Trust Was Improperly Formed
For a trust to be valid, it must be properly formed. This means that the trust must be created in accordance with the laws of the state in which it is created by a person of sound mind. If the trust is not properly formed, it may be declared invalid by a court.
Some of the most common reasons why a trust may not be properly formed include:
- The trust was not properly signed or witnessed
- The trust was not properly funded
- The trust does not contain all of the required provisions
- The creator of the trust was coerced or of unsound mind
If you believe that the trust you are a part of is invalid, speak with a trust lawyer immediately or risk losing access to the assets held within.
Trust litigation is often a sticky process and not something you should attempt without legal support. If you are seeking advice regarding your trust, contact the expert team at Catanese Law today. Our estate and trust litigators will work with you to produce winning results.