Can a trustee go against the trust?
Can a trustee go against the trust?
In some cases, a trustee may also illegally dispose or divert assets in the trust, for selfish reasons. Trustees can also be removed if there is a conflict of interest or undue influence has occurred.
What do you need to know about the Trust Act?
At least one trustee must hold: any of the above documents held by a former trustee and passed on to the current trustee. Once the trusteeship ends, the trustee must pass on the documents to at least one new or continuing trustee. The Act sets out a presumption that basic trust information should be provided to beneficiaries.
Which is state has jurisdiction over a trust?
It’s not completely certain, but probably Arizona law will govern trust administration questions and Alaska law will govern any interpretations to be applied to the trust’s terms. Trust jurisdiction and where to have a trustee’s actions reviewed is a somewhat unsettled area of the law. It is also very dependent on the facts of an individual case.
Can a trust be challenged in a court of law?
Yes, but things happen. Disgruntled family members do sometimes challenge trusts (though probably less often than they challenge wills). Trustees do steal funds, or mismanage them. Beneficiaries sometimes do believe that the trustee has misbehaved, even when she hasn’t. Trusts end up in court. But which court?
What kind of laws apply to interpreting a trust?
And what state’s laws apply to interpreting a trust when there is a dispute? Here’s a general rule: a trust’s “situs” is usually where the trustee lives, not where the trust was written, or where the beneficiary lives, or even where the trust says it will be interpreted.
What is a federal court opinion on a trust lawsuit?
A federal court opinion on a trust lawsuit was just handed down by Judge Kimba Wood in the US District Court, Southern District of New York. Any trustee, trust lawyer or beneficiary of a family trust or investment trust may want to read this opinion and the acts of self dealing by the trustee.
Yes, but things happen. Disgruntled family members do sometimes challenge trusts (though probably less often than they challenge wills). Trustees do steal funds, or mismanage them. Beneficiaries sometimes do believe that the trustee has misbehaved, even when she hasn’t. Trusts end up in court. But which court?
And what state’s laws apply to interpreting a trust when there is a dispute? Here’s a general rule: a trust’s “situs” is usually where the trustee lives, not where the trust was written, or where the beneficiary lives, or even where the trust says it will be interpreted.
Can a trustee use trust funds for himself?
And trusts tell the trustee to distribute, or not distribute, trust funds for the beneficiaries: not the trustee ! But aren’t there trusts where the trustee = a beneficiary ?