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Handcuffed Trust Beneficiaries May Have Recourse
BE ADVISED: Bloomberg Personal (September, 1997) recently featured a most informative piece describing a dilemma facing trust beneficiaries: how to fire poorly performing trust administrators such as banks.
Beneficiaries have limited rights in dictating how a trust is to be managed. That is not all bad. But when a bank trustee, for example, mismanages the account, raises fees arbitrarily or sweeps the assets into the bank's own proprietary mutual funds, beneficiaries need to have their objections heard.
The article reports that beneficiaries often find themselves powerless to resist. However, state laws vary on this point. Trust beneficiaries should seek legal advice as to their legal rights.
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Sponsored by James J. Eccleston, an attorney representing stockbrokers, financial planners and
investors nationwide in arbitration, litigation and regulatory matters, and a shareholder with the law firm
Shaheen, Novoselsky, Staat, Filipowski & Eccleston
P.C.(www.snsfe-law.com). This Web site contains material
of general interest. It is neither intended to, nor constitutes, either legal advice or investment advice.
Always consult an attorney and/or investment advisor when building and protecting your wealth.
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