Legal Question in Wills and Trusts in Tennessee
Trust Administration
I am one of four equal beneficiaries of a trust. The trust is being administered by a large national bank. We believe the bank has made highly biased decsions with respect to loans and disbursements which have been granted. If we can prove the bias exists and treament has not been equal between the beneficiaries, can we sue the bank administering the trust? What options do we have?
1 Answer from Attorneys
Re: Trust Administration
I am not certain what you mean by a bias. Nevertheless, you need to first review or have an attorney review the trust instrument. The trust instrument will provide details regarding the trustee's discretion to make encroachments from the trust. The trust instrument may also specify whether the trustee is required to treat trust beneficiaries equally. Also, there will be a need to review whether separate trusts were established for each beneficiary. I have administered hundreds of trusts for a large banking institution. Fiduciary law suits are costly and difficult. You will need an attorney to review account statements, the trust instrument, and investigate the facts before a proper assessment can be made regarding whether you should sue the bank.