Illinois Civil Action Cover Sheet and Complaint at Law for Collision Transit Authority Vehicle
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FAQ
When a trustee acts in this fraudulent manner, they violate beneficiary rights and endanger trust assets. The abused beneficiaries can respond by petitioning for a trust accounting and then the eventual removal of the trustee.
Personal liability generally only arises if the failure to discharge duties actually causes loss to the charity or improper gain to the trustee.
A trustee is personally liable for a breach of his or her fiduciary duties. The trustee's fiduciary duties include a duty of loyalty, a duty of prudence, and subsidiary duties. The duty of loyalty requires that the trustee administer the trust solely in the interest of the beneficiaries.
When a breach of trust occurs, a beneficiary may suffer financial losses. The law gives victims of a breach of trust the right to sue the fiduciary for damages and depending on the circumstances, there might be a violation of a state's criminal laws.
While every breach of fiduciary duty is not a crime, some breaches of duty can be charged as crimes under the California Criminal Code.The beneficiaries cannot decide whether to prosecute a trustee; only the government can decide whether to charge a crime.
Who Can Contest a Trust in Illinois? A trust contest must be initiated by an individual with an interest in the outcome of the court's decision. For the most part, beneficiaries and heirs are the only people that can contest a trust, as they are the only people that stand to benefit from the trust.
A person can only be convicted of criminal breach of trust if she did a positive act, e.g. dishonestly causing money belonging to the beneficiaries of a trust to be transferred to herself. However, a civil breach of trust may arise from either a positive act, or an omission (i.e. a failure to do something).
"a trustee in breach of trust must restore or pay to the Trust estate either the assets which have been lost to the estate by reason of the breach or compensation for such loss. The courts of equity did not award damages but acting in personam ordered the defaulting trustee to restore the Trust estate.
Yes, a beneficiary can sue a trustee, but be aware, a judge will only entertain it if you have used reasonable care and allowing time for the trustee to respond. Transparency and bookkeeping will be the primary focus. Fiduciary duty calls out to be transparent and gives updates to beneficiaries and heirs.