The administration of a trust is the key component of a trustee’s fiduciary duties. A trustee has a legal and financial responsibility to follow the terms of the trust as well as all applicable state and federal laws. Important timelines may apply based on the issues you believe may occur in trust administration.
It is extremely helpful to hire an attorney who is familiar with trust and estate litigation if you find yourself in these situations. When creating your own estate with the help of a Pasadena estate planning lawyer, it is also helpful to understand how you can take proactive steps to avoid some of these potential disputes.Â
For breach of fiduciary duty cases, you have up to 4 years from the discovery of this to file a claim. This 4-year period begins either on the day that the breach is discovered or the day that you should have reasonably discovered the breach. It is beneficial to work with an attorney who is familiar with breach of fiduciary duty claims if you find yourself in this situation.
The second common trust litigation issue is contesting the trust. This has to do with the fact that the trustee has a legal and financial responsibility to follow the terms of the trust as well as all applicable state and federal laws.
This has a much shorter timeline than alleging that someone has breached their fiduciary duty. You only have three months from the time that you receive a statutory notification to contest the legitimacy and validity of the trust. Your statutory notification in California tells you about the trust as well as the contact information and details of the trustee.
By taking proactive steps to plan your estate now, you can minimize the possibility that someone will contest your trust. Furthermore, by choosing the right trustee, you can minimize the potential for trust litigation or claims of breach of fiduciary duty. Our Pasadena estate planning lawyers have years of experience helping people create comprehensive estate plans.
