It is one of the main duties of Executors or Trustees to hold and manage money and/or property on behalf of others (beneficiaries). Because they are managing assets that, in effect, belong to others, they have clearly defined duties, responsibilities and powers setting out what they can and can’t do with those assets. Sometimes Trustees breach those duties – for example by failing to keep a proper account, failing to invest or failure to pay sums due to a beneficiary.
Taylor&Emmet’s Trust Dispute team act on behalf of Executors, Trustees or beneficiaries in a wide variety of disputes which arise. Typical examples include:-
- Applications for payments out of a Trust
- Claims for losses caused by Trustees (e.g. failure to obtain reasonable returns, failure to insure property which is then damaged)
- Actions for the removal of Executors or Trustees
- Actions for the winding up of a Trust or Estate
- Applications for production of Trust or Estate accounts
- Trust or Estate administration disputes
We act for Trustees or Executors and beneficiaries in seeking to resolve difficulties which commonly arise.
The team at Taylor&Emmet has extensive experience in advising on all manner of issues and problems arising from Trusts and Estates and acted for the successful Defendants in the High Court case of Kershaw v Micklethwaite and others – a leading case regarding the removal of Executors.
Court Proceedings can be not only expensive but also extremely time consuming and stressful. In many Inheritance, Will and Trust Disputes, family relations can also be strained and threat of court proceedings can only heighten such tensions. That is why at Taylor&Emmet we will discuss with you the potential for alternative methods to resolve matters including open meetings or mediations which often provide a quicker, more cost-effective method of providing clients with a satisfactory solution.