Legal Question in Wills and Trusts in Maryland
Mismanagement of funds by handler
Due to a clause, ''unless otherwise deemed advisible'', it seems we may not be able to sue the bank for mismanaging the trust. The trust was set up in 1970 with a worth of about $1,000,000. In 1993, when lthe family finally decided to check on the fund, it was worth approximately $1,350,000. We had an economic engineer study the fund and he put an approximate value on the fund at $5,700,000 in 1993. We have less than one year left on the statute on limitations. What should the family do?
3 Answers from Attorneys
Re: Mismanagement of funds by handler
The phrase you cite is not put into context in your question. Typically such a statement qualifies the investment or holding risk of a trust agreement; however, your facts indicate to the contrary. You should contact an attorney immediately as you have indicated that the statute of limitations is about to run out. Forward a copy of the trust agreement to my facsimile at (410) 799-9002. Please understand that no obligation exists for performance on my party unless there is a signed fee agreement.
Re: Mismanagement of funds by handler
Any beneficiary of the Trust has the right under MD law to petition for removal of the current Trustee and to question/correct the administration of the Trust and associated accounting and/or tax reports. An action may also exist under MD law for Trustee liability concerning the management of the Trust over time. Further information needs to be developed in connection with the filing of such legal actions. There are a number of fact-specific issues under MD law that need to be carefully worked through concerning the Trust Agreement (if a free-standing Trust was created in 1970) or the Will (if a testamentary Trust was created in 1970) that created the Trust and the administration of the Trust. An experienced probate/estate planning attorney should be able to handle this under MD law. Please note that my legal services are available only with a signed engagement agreement in accordance with the Maryland Rules of Professional Conduct applicable to attorneys licensed in the state of MD. If I can be of any help to you, give me a call as I would be pleased to provide legal support. Sincerely, Robert Beatson, II; 4-30-2004, 11:55 a.m. EST; Law Offices of Robert Beatson, II; 9818 Glynshire Way, Potomac, MD 20854; Tel/Fax 301-340-2951; email: [email protected]; website: www.beatsonlaw.com; Licensed to practice law in DC, MD, VA, and NY.
Re: Mismanagement of funds by handler
I am not convinced that this language prevents
a suit against the bank under the circumstances.
In fact, I believe that a suit would be advisable
unless it is absolutely clear that the bank is
not liable. The pitiful return on investment
which you experienced is so shocking that I think
a court would look long and hard before dismissing
the case. We are licensed in DC, MD and VA. Our
website is www.DeCaroHowell.com and my e-mail
address is [email protected]. We would be glad to
meet with you for a no-obligation evaluation
of your situation.
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