A trust is a complex financial instrument that’s difficult to manage. There are many kinds of trusts available, but many share the same legal requirements as to how they’re managed. If the person assigned to manage the trust has not fulfilled these legal requirements, family members of the deceased may file a lawsuit to enforce the trust terms, remove the trustee and impose a surcharge on the trustee. At Lyons, Beaudry & Harrison, P.A., our Sarasota County attorneys offer sound guidance on issues such as breach of fiduciary duty and self-dealing and help you navigate these issues effectively.
Serving as a trust administrator is sometimes tough. You are responsible for making sure that all beneficiaries of the trust know that it exists, that they are paid accurately and on time and that all applicable taxes are paid. Simple mistakes can result in a trust dispute that removes you as the administrator and may subject you to personal liability. It is critical to seek the advice of a knowledgeable trust attorney when managing a trust.
There are a number of matters to avoid in trust administration that fall under the heading of breach of fiduciary duty. These include:
It’s important for both trust administrators and beneficiaries to protect their rights during the trust administration process, as there’s only one chance to get it right. Working with a lawyer who has experience in trust administration and trust litigation allows you to navigate this process with as little stress and time investment as possible. Lyons, Beaudry & Harrison, P.A. has vast experience in Trust Administration and Trust Litigation. The firm represents settlors, trustees, beneficiaries and family members in both the prosecution and defense of trust litigation matters. Its shareholders — John J. Lyons and R. Craig Harrison — are both certified by the Florida Bar as specialists in trust, wills and estates.
Whether you are seeking an estate plan to minimize the possibility of trust litigation, a trustee administering a trust or a beneficiary of a trust, contact the legal team at Lyons, Beaudry & Harrison today for trust litigation services. We are available to meet with you at our Main Street Office in Sarasota. Call 941-444-6407 or contact us online to make an appointment.