Trustee Property Sale Dispute

Summary

If a trustee sells property meant to provide income for beneficiaries, it may be a breach of fiduciary duty. In Missouri, courts can void the sale, award damages, or hold the trustee liable. Beneficiaries can seek legal representation to address breaches. If the sole beneficiary is incompetent, a legal guardian may be appointed to act on their behalf. A trustee may not be in breach if the sale was authorized, in the best interest of beneficiaries, and conducted in good faith.

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What to do when the only beneficiary lacks the incompetence to understand there has been a breach of fiduciary duty by the trustee.
In this situation, if the sole beneficiary is not competent to understand or act upon the breach of fiduciary duty, a legal guardian or representative may need to be appointed to act on their behalf. Here are some general steps:
- Seek legal representation: A lawyer can help petition the court for the appointment of a guardian.
- File a petition: The legal guardian can file a petition for a full accounting, breach of fiduciary duty, and seek restitution or damages.
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What about the sale of the property? If the courts finds that the trustee acted in negligence will that void the sale of the property they sold?
In Illinois, if the court finds that the trustee acted negligently, it is possible for the sale of the property to be voided. The court may take actions such as:
- Voiding the sale if it was not in the best interest of the beneficiaries.
- Awarding damages to the beneficiaries.
- Holding the trustee personally liable.
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What about in Missouri?
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In Missouri, if a trustee improperly sells property in violation of their fiduciary duty, the court can take similar actions as in Illinois. The court may:
- Void the sale if it was detrimental to the beneficiaries.
- Award damages to the beneficiaries.
- Hold the trustee personally liable.
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What would be considered not a breach of fiduciary duty of a trustee when the sold the property that was meant to provide income for generational wealth.
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A trustee may not be considered in breach of their fiduciary duty if:
- The sale was authorized by the terms of the trust.
- The sale was made in the best interest of the beneficiaries.
- The trustee acted in good faith and with due diligence.
- The trustee followed all legal requirements and obtained necessary approvals.
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I only know what has been made public in the trust. Which is the amendment I've shared. Based on the amendment to the trust, I don't think the property was intended to be sold. The Grantor requested for Nancy to continue her occupancy, which that was the property that was in fact sold.
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It looks like this could be a high-value case given the possible breach of fiduciary duty involving the sale of property intended to fund the trust. Would you like to be connected to local lawyers who can better assist you with your case?
Can you give me a bit more information about the issue?
Sure I can provide any information you need.
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Would you like to be connected to local lawyers who can better assist you with your case? Can you give me a bit more information about the issue?
Catherine created a trust to provide generational support wealth/support for her only living son Michael, then after Michael's passing it was to be passed down to Michael's only son Brian. For whatever reason Michael agreed to allowing Brian to act as trustee. Micheal is alive and is in a nursing home, Brian is not a beneficiary until his father Michael passes away.
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Would you like to be connected to local lawyers who can better assist you with your case? If so, I need to ask you a few questions to proceed.
Can you give me a bit more information about the issue?
I'm looking for free consultation. Will the local lawyers be able to provide me with such?
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It sounds like this could be a significant case involving breach of fiduciary duty and potential mismanagement of trust assets. Many local lawyers do offer free initial consultations to evaluate cases.
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If so, I need to ask you a few questions to proceed:
*. What is your name?