Santa Clara County Corporate Trustee Lawyer

Corporate trustees can help manage trusts in a way that reflects a creator’s wishes, but disputes can arise among beneficiaries of a corporate trust. While corporate trustees are typically chosen for their professional experience, problems can arise that result in a trustee’s removal or subject them to a lawsuit. In these situations, a Santa Clara County corporate trustee lawyer can help evaluate and address the issues. Reach out to the experienced trust litigation lawyers at Hackard Law to learn more today.

What Is a Corporate Trustee?

A corporate trustee is a professional organization, such as a bank, trust company, or investment firm, that is appointed to manage assets as designated in a will or trust. A trust is a legal document that allows individuals to manage assets while avoiding unnecessary legal fees, tax complications, and other costs. By using a corporate trustee instead of a family member or friend, people can gain assurance that their assets will be managed skillfully and safely. Corporate trustees have fiduciary duties to a trust, which include:

• Duties of loyalty
• Duties to maintain proper accounting
• Duties to enforce and defend claims
• Duties to communicate with parties and beneficiaries
• Duties to use sophisticated tax-planning measures
• Duties to invest prudently
• Duties to protect assets
• Duties to remain impartial

When a corporate trustee fails to fulfill their fiduciary obligations, they can be held accountable with the help of a corporate trustee lawyer. With the right legal help, beneficiaries can investigate issues such as:

• Mismanaged or mishandled assets
• Self-dealing
• Failures to diversify investments
• Failures to competently plan taxes
• Poor accounting
• Conflicts of interest

A corporate trustee’s duties in California are defined by state law and the terms of a trust document itself. The California Probate Code identifies the duties of loyalty, care, confidentiality, impartiality, and accuracy that a corporate trustee owes to a trust. The trustee must act in the best interests of the trust beneficiaries by following the steps outlined above.

If corporate trustees, beneficiaries of a trust, co-trustees, or creditors do not see eye to eye, conflicts can arise and litigation can ensue. In these situations, whether you are a trustee or a beneficiary, you need practical legal guidance from a skilled corporate trustee lawyer in Santa Clara County.

How Can a Corporate Trustee Lawyer Help?

A Santa Clara County corporate trustee attorney can help defend corporate trustees accused of misconduct or help beneficiaries who need to take legal action against a trustee. Common causes of action filed against corporate trustees under state law have included:

• Accounting: Demanding an accounting of all trust transactions per California Probate Code § 16060;
• Breach of fiduciary duty: Where beneficiaries take action against a trustee for failing to use reasonable care and skill in managing trust actions, in violation of California Probate Code Section 16420;
• Removal: Where beneficiaries petition the probate court to remove a trustee from their position for breaching fiduciary duties;
• Surcharge: Asking the court for a surcharge to be paid for any financial losses a trust suffered due to misconduct by a corporate trustee.

Disputes between corporate trustees and beneficiaries can be complex. Knowledgeable corporate trustee attorneys can investigate the facts and pursue a fair resolution for their clients.

Contact a Santa Clara County Corporate Trustee Attorney Today

If you have concerns about trust management or a dispute already exists involving a corporate trustee, contact an experienced Santa Clara County corporate trustee lawyer to explore your options. Our attorneys at Hackard Law work on a contingency basis, meaning we are not paid unless you are. Call us today to schedule a free consultation.