Trustees have a fiduciary duty to act in the best interests of the beneficiaries of the trust that they manage. If a trustee violates their ethical duty by misusing the trust assets, failing to keep accurate records, or not investing prudently, they may have committed a breach of trust. Whether the breach was negligent or intentional, a beneficiary may suffer substantial financial harm due to a trustee’s mismanagement of a trust.
At Litico Law Group, we provide high quality legal services and knowledgeable representation for a wide variety of breach of trust matters and work diligently to ensure the best possible outcome is reached in every case. With a deep understanding of the law regarding trusts, our team of lawyers provide skillful counsel to beneficiaries who are pursuing breach of trust claims — and solid defense for trustees who are facing litigation for such matters.
A trust is a crucial estate planning tool that allows its creator to distribute property in the manner they wish to the beneficiaries of their choosing. The assets in the trust are held by a third-party — who is referred to as a “trustee” — on behalf of the beneficiaries. Importantly, a trustee has a significant amount of responsibility when it comes to handling a trust and administering the assets in it. If they fail to properly manage a trust or they misuse the assets for their own benefit, a trustee can be held accountable for a breach of trust.
Litico Law Group provides representation for a wide variety of issues in connection with breach of trust matters, including those involving a trustee’s failure to:
If a trustee commits a breach of trust, they may be liable to the beneficiaries for the amount required to restore the trust property and the distributions they would have received, or the value the trustee received because of the breach — whichever is greater. In some cases, these matters can be resolved outside of the courtroom using a form of alternative dispute resolution. However, if a settlement can’t be reached, litigation may be necessary.
The attorneys at Litico Law Group understand how overwhelming dealing with a breach of trust issue can be. We are committed to helping clients resolve their trust disputes efficiently and effectively — and apply our extensive experience and acumen to obtain the results you need.
A breach of trust can not only result in loss of assets and financial harm to a beneficiary — but it can also violate the wishes of the trust creator. Fortunately, the law provides for legal recourse in such cases and a beneficiary may be entitled to obtain monetary compensation or equitable relief due to a trustee’s failure to adhere to their fiduciary duty. At Litico Law Group, our team will carefully evaluate the facts of your case and work to secure a favorable outcome.
Under the Illinois Trust Code, there are a variety of remedies that can be imposed by a court if a breach of trust has occurred. For instance, a court may order the trustee to perform their duties or issue an injunction. A judge might also compel the trustee to pay the beneficiaries their monetary damages, restore their property, or redress the breach by other means. Depending on the circumstances, other remedies can include appointing a special fiduciary, ordering an accounting, reducing the trustee’s compensation, or removing the trustee.
If the court finds that the trustee has committed a breach of trust, they may also order them to pay a surcharge for the loss or depreciation of the trust’s value. In addition, punitive damages may be available in certain cases where a trustee’s behavior was particularly egregious and involved malice, willfulness, fraud, wantonness, oppression, or gross negligence. This form of damages is intended to serve as a punishment to the trustee and a deterrent to prevent others from engaging in similar conduct.
In the event you’re facing a situation where a trustee has misappropriated trust funds and failed to comply with their fiduciary duty, it’s essential to have a breach of trust attorney on your side. Offering dedicated counsel for even the most complex breach of trust matters, we utilize our deep knowledge and extensive experience to achieve optimal results for each breach of trust matter we handle.
Breach of trust matters are often complex and it’s critical to have adept counsel to help you navigate the legal process. Located in Rolling Meadows, the team at Litico Law Group assists trust beneficiaries and trustees for a broad spectrum of legal issues in Illinois. We welcome you to schedule a consultation, contact us online or give us a call at 847-307-5942 to learn how we can help.