Many people find the duties and responsibilities which come with the death and incapacity of a loved one, to be really daunting.
In such a circumstance, if you are appointed as a trustee or executor, you will need to review the legal interests of the testator and beneficiaries. You will need to address the numerous legal issues which arise to safeguard the estate and its assets and liabilities.
At this time, taking specialized legal counsel can be helpful in navigating the challenging legal responsibilities and support in making the right decisions while minimizing risk.
Role and Responsibilities of a Trustee or Executor
Once a person is appointed as an Executor, they carry out the directions as mentioned in the will. Appointment of a trustee means that the Trustee takes care of the property in trust for the benefit of the trust beneficiaries.
In majority of the circumstances, people who have zero experience with administering an estate, are named as a trustee or executor. They may not be aware with the expected role, duties and obligations, risks and potential liability they could face, if they end up breaching their duties to beneficiaries.
When a trustee-trust relationship is established, a fiduciary duty gets automatically created between the trustee to the trust. It also happens when a executor-beneficiary is created. With this fiduciary relationship, there are very high standards created by the law.
The fiduciaries owe duty of care to the beneficiaries or trust and need to act with integrity always. They have to act in good faith and make decisions in the best legal interests of the trust and the beneficiaries. Any activity which seeks to breach the fiduciary duty can have substantial financial and legal implications.
It is advisable to seek support from experienced and knowledgeable Estate and Trust Litigation Lawyers who can help you to:
- Understand all your options and the consequences of each one of them;
- Completing your duties, responsibilities and all obligations;
- Clearly interpret all legal documents including the trust and will;
- Manage, administer and distribute the estate;
- Plan when to seek court intervention
- Address all issues which arise in the situation;
- Support with all related aspects of estate administration
Role and Responsibilities of a Beneficiary
Once you are named a beneficiary, you get into a fiduciary relationship with the estate. The trustee or the executor of the estate have to keep your best interests when taking any estate related decisions. They will act in food faith always as they owe you a fiduciary duty of care.
The executor or trustee is supposed to be neutral and always act in the best interests of all the beneficiaries. They are also not supposed to favour one beneficiary over another.
When you are named a beneficiary in a will of a loved one, you should obtain the necessary legal counsel to help understand your role, duties and obligations. You will need to ensure that your interests remain protected in the probate process. As a beneficiary if your legal rights are compromised or the estate is mismanaged, you can take appropriate legal action for its resolution.
How We Can Help
At Nanda & Associate Lawyers, our experienced Estate Lawyers understand your specific circumstances and provide tailored and customized solutions for each of them. If you are a beneficiary, executor, or trustee and need legal advice for safeguarding your legal rights, please call us. If you wish to seek guidance in understanding your rights, obligations and interests, we can help.
Our Mississauga Wills and Estate Lawyers are available for a no-obligation free consultation. Come and experience our quality legal counsel and personalized care we give to each client. We ensure prompt communication and a professional approach to achieve successful outcomes for you.
Feel comfortable interacting with our caring team who speak more than 15 languages like English, French, Spanish, Italian, Portuguese, Albanian, Hindi, Punjabi, Kannada, Telugu, Tamil, Bengali and much more.