The administration of a Trust is much more complex and time consuming than most people believe. While some Trust administration issues are common among all Trusts, there are many different types of Trusts and each type of trust presents unique circumstances, challenges and rules that must be followed. To say the least, however, just like with estate administrations, the assistance of an experienced estate/trust administration attorney is absolutely essential to the proper administration of a Trust.
One example of how things can go wrong is the McClatchy case, which involves a claim for breach of Trust.
The breach-of-Trust allegation dates back to a suit filed in 2012 by Carlos McClatchy, son of James McClatchy. James McClatchy died in 2006.
The James B. McClatchy Trust was set up in 1974. After James McClatchy’s death, Carlos McClatchy became an income beneficiary of the Trust. Carlos McClatchy alleges that the Trustees of the Trust failed to properly administer the Trust and preserve its value. Carlos McClatchy is now getting his day in court concerning the Trust after years of preliminary work, according to the Sacramento Bee in "San Francisco trial weighs breach-of-trust claims by McClatchy family member."
What this case illustrates is that Trustees need to be careful with how they handle Trust assets.
An experienced Estate/Trust Administration attorney can assist you with your responsibilities as a Trustee.
Reference: Sacramento Bee (Sep. 13, 2017) "San Francisco trial weighs breach-of-trust claims by McClatchy family member."