It is no secret that trustees in Pennsylvania and elsewhere can play a vital role in various aspects of the management of one’s estate. While those who implement such measures may feel that their chosen representatives will respect their wishes and the duties of the role, things do not always go as planned. Knowing some ways that a trustee of an estate might breach fiduciary duties and one’s options should this occur could prove integral to safeguarding one’s interests.
Breach of duty
According to experts, there are a variety of responsibilities that may come with acting as a trustee for an estate. For instance, trustees may have a duty to make decisions that best align with the interests of the executor or his or her beneficiaries and to avoid showing partiality to any party involved. Trustees may also have a duty to maintain accurate records of assets within the estate and to be prudent with the management of said assets.
Some examples of ways in which a breach of duties can occur may include scenarios in which a trustee embezzles from an estate or mingles estate assets with personal possessions. Negligent behavior that leads to financial loss for the estate could also constitute as a breach of duty. Finding ways to spot signs indicating the possible risk of such a breach could help mitigate similar concerns, but it might not always be easy to identify risks before it is too late.
Breach of fiduciary duty by a trustee can wreak havoc on an estate and those who experience similar concerns could be left facing a variety of hardships. Those who feel that a trustee is in breach of duty may wish to know more about the next steps to take to safeguard their interests and they could choose to speak with an attorney for guidance throughout the process. An attorney can examine the situation a client in Pennsylvania is facing and assist in developing a strategy with which to protect the future of his or her estate through the necessary outlets.