Trusts can arise in many different situations.
The law in relation to Trusts is now governed by the provisions detailed in the Trustee Act 2000. However, many trusts have been created prior to the introduction of this legislation, and so the earlier rules governing trusts will still apply to those trusts.
Claims against trustees
The most common types of claims against trustees include situations where trustees:
- act beyond the powers conferred on them by the trust (or by the Trustees Act) – this is known as Ultra Vires
- fail to act at all
- fail to act as the “prudent man of business” would have done in relation to investments
- take money from the trust for themselves
The court can remove trustees, and appoint others. The court can also order that trustees repay any losses to the trust from their own pocket.
Claims against trustees’ professional advisors
Trustees often instruct professional investment advisors in relation to trust funds. Sometimes things go wrong. A claim may exist against an professional advisor where they have acted:
- in breach of contract
- negligently or
- in breach of a statutory duty
You should act fast as time limits can apply. We have all the expertise you need whether you are a trustee or a beneficiary. Contact us for a free, no obligation chat about your concerns.