Legal Question in Wills and Trusts in Florida

Trustees
A local bank, based on its size, personalized service etc., was chosen irrevocably to be the successor trustee of a family trust and all beneficiaries, both principal and income, signed after the bank presented its credentials and agreed to initiate and maintain the objective (investment strategy)of ''balanced growth and income'' which was not challenged throughout its 7 year tenure.
The bank was forced into liquidation by the FDIC and the surviving bank, a behmouth and the very antithesis, changed the objective almost immediately, resulting in a steady decreasing income, a steady increased market value and much larger resulting fees being taken out of both income and principal.
Question: did(does) the surviving bank have the authority to change the objective without all of the beneficiaries' approval and destroy the concept of income and market value
rising in tandem?

Thank you
W.A.--name removed--

Asked on 5/24/03, 8:20 pm

David Slater David P. Slater, Esq.

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Re: Trustees

Depends on how the trust agreement reads. If they are violating the terms you can petition a court to intervene.

Answered on 5/25/03, 10:02 am

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