Legal Question in Wills and Trusts in Michigan
trust administrator obligations
My father died seven
months ago and placed
his estate in a trust
administered by his bank,
for distribution among his
heirs. The bank has
negligently allowed
extensive water damage
to occur in the home
while they have been in
charge. What is the
standard for global trust
services my father, and
now we six out-of-town
heirs, have paid for in
monthly fees with regard
to protection of the
equity in his home? (It
was only our visit that
prompted recognition of
the damage.) Can the
fees be accessed for
restoration expenses?
Thank you!
2 Answers from Attorneys
Re: trust administrator obligations
the bank should be surcharged by the probate court and these losses should be covered. Visit www.kliszlaw.com to discuss the options here. Tim Klisz
Re: trust administrator obligations
If the damage occurred as a result of the negligence of the bank, the beneficiaries can seek a surcharge against the Trustees for failure to act in a reasonable fashion. However, the Trustees if they seek to defend the action and are found not to be guilty of any negligence here, the cost of the defense would be reimbursed from the Trust.
The beneficiaries could seek to replace the bank if they believe they are not acting in the best interest of the Trust and its beneficiaries.
Please feel free to contact me without obligation.
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