Executors and trustees are fiduciaries. This means that they have been entrusted with the management of someone else’s assets. Fiduciaries are therefore obliged to act in the best interests of the beneficiaries and to make informed decisions about how to deal with those assets. In circumstances where the fiduciary fails to carry out his duties adequately, disappointed beneficiaries may be able to make a claim or apply to remove the fiduciary.
Similarly fiduciaries may face claims from creditors or third parties seeking a share of estate or trust property. In such circumstances the fiduciary may have to defend the fund and preserve it for the beneficiaries.
It may also be the case that there is no particular dispute but that the court’s approval is needed, for example if children are involved or simply to provide guidance on a particular issue.
We can act either for against trustees and executors in such circumstances.
Alison Regan and Gareth Ledsham